...ITR Concession Co. LLC (ITRCC) operates and maintains the Indiana Toll Road (ITR) under a 75-year concession through 2081 and a lease agreement with the Indiana Finance Authority. The 157-mile toll road links the Chicago Skyway in the west to the Ohio Turnpike in the east. It has 20 toll plazas and eight travel plazas. The project self-performs all maintenance. It relies mostly on toll revenue to service its debt and cover its maintenance costs, thus it is exposed to demand risk. The concession is owned by IFM Global Infrastructure Fund, California Public Employees' Retirement System, U.S. insurer Allstate Corp., CBUS Super (an Australian super-annuation fund for the construction industry), and Caisse de dTp(t et placement du QuTbec. Because of separateness covenants, we view the project as delinked from the credit quality of its sponsors. ITR comprises two distinct segments with different market dynamics. On the first, a barrier system on the 24 miles from the Chicago Skyway at the Illinois...
