Research Update: Aerostar Airport Holdings LLC 2022, 2015, And 2013 Senior Notes Affirmed At 'BBB+'; Outlook Stable

Aerostar Airport Holdings LLC's operating cash flow has swelled on the back of strong enplanement volume driven primarily by ultra-low-cost carriers at Luis Muñoz Marín International Airport (SJU) in 2023, which we expect will persist going forward. At the same time, the stronger cash flow is offset by the expected capital expenditures (capex) for the next five years, primarily driven by the expansion of car parking and passenger boarding bridges to support the higher passenger volume. Credit metrics remain in line with our expectations with projected increases in revenues due to enplanement growth roughly offset by larger investment expenditures needed to support the growth. Therefore, we affirm the 'BBB+' rating on the project's 2022, 2015 and 2013 senior notes. The

...- Aerostar Airport Holdings LLC's operating cash flow has swelled on the back of strong enplanement volume driven primarily by ultra-low-cost carriers at Luis Mu±oz Marfn International Airport (SJU) in 2023, which we expect will persist going forward. - At the same time, the stronger cash flow is offset by the expected capital expenditures (capex) for the next five years, primarily driven by the expansion of car parking and passenger boarding bridges to support the higher passenger volume. Credit metrics remain in line with our expectations with projected increases in revenues due to enplanement growth roughly offset by larger investment expenditures needed to support the growth. - Therefore, we affirm the '###+' rating on the project's 2022, 2015 and 2013 senior notes. - The stable outlook reflects our expectation that the project will operate in line with our base-case forecast....

Research Update