ITR Concession Co.'s Proposed $1 Billion 144A Senior Secured Notes Assigned Preliminary 'BBB' Rating; Outlook Stable

ITR Concession Co. LLC proposes to issue $1 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 preliminary 'BBB' rating to the 144A notes. We are also assigning our 'BBB' rating to 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 will be at least 1.3x. TORONTO

...+ ITR Concession Co. LLC proposes to issue $1 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 preliminary '###' rating to the 144A notes. We are also assigning our '###' rating to 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 will be at least 1.3x. TORONTO (Standard & Poor's) June 18, 2015--Standard & Poor's Ratings Services said today it assigned its preliminary '###' rating to ITR Concession Co. LLC's proposed $1 billion 144A senior secured notes. At the same time, we assigned our '###' rating to the project's...

Ratings Action