Aerostar Airport Holdings LLC?s operating cash flow has grown on the back of strong enplanement volume driven primarily by ultra-low-cost carriers (ULCCs) at Luis Muñoz Marín International Airport (SJU) in 2024, which we expect will taper off in the coming years. At the same time, the stronger cash flow is offset by the expected capital expenditure (capex) for the next five years, primarily driven by passenger boarding bridges and various rehabilitation projects to support the higher passenger volume. Aerostar?s 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 affirmed our ?BBB+? rating on the project?s 2022, 2015, and 2013
