Credit FAQ: Understanding Our Base-Case Forecast For ITR Concession Co. LLC

This report does not constitute a rating action. In September, S&P Global Ratings assigned its 'BBB' rating to ITR Concession Co. LLC ?s (ITRCC) $410 million senior secured private-placement notes. ITRCC issued the notes, due from 2034-2054, to repay maturing private-placement debt and outstanding borrowings on its revolving credit facility. Our latest base-case forecast was from that review, and we have since received questions from market participants about certain details of the forecast, debt balances, and amortization included within the analysis. Since our typical publications do not include such specific detail and ITRCC has a rather complex debt structure for a project finance transaction, we address some relevant points here. Our forecast capex facility draws offset spending in our CFADS

...December 19, 2024 This report does not constitute a rating action. In September, S&P Global Ratings assigned its '###' rating to ITR Concession Co. LLC's (ITRCC) $410 million senior secured private-placement notes. ITRCC issued the notes, due from 2034- 2054, to repay maturing private-placement debt and outstanding borrowings on its revolving credit facility. Our latest base-case forecast was from that review, and we have since received questions from market participants about certain details of the forecast, debt balances, and amortization included within the analysis. Since our typical publications do not include such specific detail and ITRCC has a rather complex debt structure for a project finance transaction, we address some relevant points here....

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