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Moody's downgrades Aerostar
Moody's Investors Service said it downgraded Aerostar Airport Holdings, LLC’s $350 million of 5¾% senior secured notes due 2035 to Ba2 from Ba1 and changed the outlook to negative, concluding the review that began July 17.
The company operates Puerto Rico’s Luis Munoz Marin Airport. The agency said the downgrade recognizes that the airport's creditworthiness cannot be completely delinked from the current stresses facing the government, economy and population of Puerto Rico.
The negative outlook mirrors the negative outlook on the B2 rating of Puerto Rico and is consistent with the agency’s view of the relationship between the issuers.
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