Research Update: ITR Concession Co. LLC's Senior Secured Notes Rated 'BBB', Outlook Stable

ITR Concession Co. LLC (ITRCC) is issuing $410 million of senior secured private-placement notes due 2034-2054 to fully repay its $125 million 2017 private-placement debt and $285 million of outstanding borrowings on its revolving credit facility. S&P Global Ratings assigned its 'BBB' rating to the $410 million senior secured private-placement notes. Compared with our preliminary rating, we do not see any major changes to our forecast other than updated refinancing rates and inflation assumptions. The stable outlook reflects our forecast that ITRCC will generate a minimum debt service coverage ratio (DSCR) of 1.32x with a median DSCR of about 1.46x, based on our refinancing and amortization assumptions for its bullet debt, with no changes to our other operational assumptions. ITRCC

...- ITR Concession Co. LLC (ITRCC) is issuing $410 million of senior secured private-placement notes due 2034-2054 to fully repay its $125 million 2017 private-placement debt and $285 million of outstanding borrowings on its revolving credit facility. - S&P Global Ratings assigned its '###' rating to the $410 million senior secured private-placement notes. Compared with our preliminary rating, we do not see any major changes to our forecast other than updated refinancing rates and inflation assumptions. - The stable outlook reflects our forecast that ITRCC will generate a minimum debt service coverage ratio (DSCR) of 1.32x with a median DSCR of about 1.46x, based on our refinancing and amortization assumptions for its bullet debt, with no changes to our other operational assumptions....

Research Update