ITR Concession Co. LLC issued $1.05 billion 144A senior secured notes to refinance a $551 million bridge loan facility and a portion of $1.269 billion acquisition loan facility, which it issued to acquire the right to operate the 157-mile Indiana Toll Road under a concession and lease agreement with the Indiana Finance Authority. We are assigning our 'BBB' issue rating to the 144A notes. We also affirmed our 'BBB' issue rating on the $700 million senior secured private placement notes due 2045-2055, which ITR also issued to fund the sponsor's $5.725 billion acquisition. The stable outlook reflects our view that the project will generate stable cash flows and that debt service coverage ratios will be at least 1.35x. On July
