ITR Concession Company LLC's New Private Placement Notes Rated 'BBB'; Ratings On Existing Debt Affirmed

ITR Concession Co. LLC issued $850 million senior secured private placement notes due 2024-2032 to refinance fully a $777.3 million acquisition loan facility (unrated) due 2020 and $27.4 million for the partial termination of an associated swap. The remaining proceeds were used to pay $39.1 million under an unrated $328.5 million capital spending facility due 2020 ($251.6 million outstanding as of Sept. 30, 2017) and $6.2 million in transaction costs. We are assigning our 'BBB' issue rating to the private placement notes. We also affirmed our 'BBB' issue rating on the $700 million senior secured private placement notes due 2045-2055, and $1.05 billion 144A senior secured notes due 2025-2040. The stable outlook reflects our view that the impact of the

...ITR Concession Co. LLC issued $850 million senior secured private placement notes due 2024-2032 to refinance fully a $777.3 million acquisition loan facility (unrated) due 2020 and $27.4 million for the partial termination of an associated swap. The remaining proceeds were used to pay $39.1 million under an unrated $328.5 million capital spending facility due 2020 ($251.6 million outstanding as of Sept. 30, 2017) and $6.2 million in transaction costs. + We are assigning our '###' issue rating to the private placement notes. We also affirmed our '###' issue rating on the $700 million senior secured private placement notes due 2045-2055, and $1.05 billion 144A senior secured notes due 2025-2040. + The stable outlook reflects our view that the impact of the removal of the subsidy for light vehicles will be in line with our base case forecast, and that the project will generate a DSCR of around 1.30x. TORONTO (S&P Global Ratings) Dec. 19, 2017-- S&P Global Ratings today assigned its '###' issue...

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