...The senior secured notes ratings are driven by Carrasco International Airport's (MVD) strategic but modest traffic base and its strong origin and destination (O&D) profile. The concession extension granted up to 2053 allowed the issuer to refinance its debt and add significant liquidity enhancements, including an extended principal grace period and a six-month debt service reserve account (DSRA). The DSRA is funded with cash and letters of credit (LOC) at closing. The debt is at the holding company (holdco) level and has a springing guarantee from the operating company (opco)....