ITR Concession Co. LLC's $1.05 Billion 144A Senior Secured Notes Rated 'BBB'

ITR Concession Co. LLC issued $1.05 billion 144A senior secured notes to refinance a $551 million bridge loan facility and a portion of $1.269 billion acquisition loan facility, which it issued to acquire the right to operate the 157-mile Indiana Toll Road under a concession and lease agreement with the Indiana Finance Authority. We are assigning our 'BBB' issue rating to the 144A notes. We also affirmed our 'BBB' issue rating on the $700 million senior secured private placement notes due 2045-2055, which ITR also issued to fund the sponsor's $5.725 billion acquisition. The stable outlook reflects our view that the project will generate stable cash flows and that debt service coverage ratios (DSCR) will be at least 1.35x. TORONTO

...+ ITR Concession Co. LLC issued $1.05 billion 144A senior secured notes to refinance a $551 million bridge loan facility and a portion of $1.269 billion acquisition loan facility, which it issued to acquire the right to operate the 157-mile Indiana Toll Road under a concession and lease agreement with the Indiana Finance Authority. + We are assigning our '###' issue rating to the 144A notes. We also affirmed our '###' issue rating on the $700 million senior secured private placement notes due 2045-2055, which ITR also issued to fund the sponsor's $5.725 billion acquisition. + The stable outlook reflects our view that the project will generate stable cash flows and that debt service coverage ratios (DSCR) will be at least 1.35x. TORONTO (Standard & Poor's) July 23, 2015--Standard & Poor's Ratings Services said today it assigned its '###' issue rating to ITR Concession Co. LLC's $1.05 billion 144A senior secured notes, consisting of $300 million 4.197% series A notes due 2025, $500 million...

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