Research Update: ITR Concession Co. LLC Ratings Affirmed At 'BBB' Following New Criteria; Outlook Stable

On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology." We have completed the review of ITR Concession Co. LLC under our revised methodology. We affirmed the senior secured debt ratings at 'BBB.' The outlook remains stable, reflecting our view that the project's financial performance will remain strong in the upcoming two years, with expected toll increases above 8% for 2023 that would mitigate some potential traffic loss as a result of improvement works and a potential recession. ITR operates and maintains the Indiana Toll Road under a 75-year concession due 2081 and a lease agreement with the Indiana Finance Authority. The road

...- On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology." - We have completed the review of ITR Concession Co. LLC under our revised methodology. We affirmed the senior secured debt ratings at '###.' - The outlook remains stable, reflecting our view that the project's financial performance will remain strong in the upcoming two years, with expected toll increases above 8% for 2023 that would mitigate some potential traffic loss as a result of improvement works and a potential recession....

Research Update