...- S&P Global Ratings is affirming its '###' rating on ITR Concession Co. LLC (ITRCC)'s senior secured debt, comprising $850 million private placement notes due in 2024-2032, $700 million private placement notes due in 2045-2055, and $1.05 billion 144A notes due in 2025-2040. - ITRCC generates about 70% of its revenues from truck traffic, and a one-time 35% increase in truck tolls (in exchange of $1 billion payment to Indiana Finance Authority, IFA), effective October 2018, has resulted in close to a 27% increase in total toll revenues in the fourth quarter 2018 compared to the same time in 2017. More important, the impact of a toll increase on truck traffic (toll elasticity, especially on the ticket segment) was lower due to construction on alternative routes and underlying economic growth. We now estimate total revenues of about $298 million in 2019 (after full year of the toll increase), about 18% higher than 2018 and 23% higher than our previous estimate of $242 million in toll revenues...
