ITR Concession Co. LLC (ITRCC) is planning to issue $395 million of senior secured private-placement notes in various tranches, due 2030-2040, to repay approximately $170 million on its revolving credit facility and $225 million on its capital expenditure (capex) loan facility. S&P Global Ratings assigned its 'BBB' rating to the $395 million senior secured private-placement notes. We also affirmed the existing senior debt ratings at 'BBB'. Our updated forecast and coverage levels are in line with recently published report on Sept. 20, 2024, and 2024 traffic was in line with what we anticipated. This refinancing does not add net debt to the balance sheet, and we view it as a liability management operation in line with previous notes issued by
