Research Update: ITR Concession Co. LLC's Senior Secured Private Placement Notes Rated Preliminary 'BBB'; Outlook Stable

ITR Concession Co. LLC (ITRCC) is issuing about $410 million aggregate amount of senior secured private placement notes with expected due dates between 2034 and 2039 to fully repay a $125 million maturity due in October of 2024 (2017 private placement) and to repay a revolving credit facility balance of $285 million. The notes are subject to a delayed draw and the financial close and repayments are not anticipated until September. S&P Global Ratings assigned a preliminary 'BBB' rating on the anticipated notes and affirmed the existing debt 'BBB' ratings. The outlook is stable, reflecting our forecast that ITRCC will generate a minimum debt service coverage ratio (DSCR) of at least 1.30x, with a median debt service coverage ratio (DSCR)

...- ITR Concession Co. LLC (ITRCC) is issuing about $410 million aggregate amount of senior secured private placement notes with expected due dates between 2034 and 2039 to fully repay a $125 million maturity due in October of 2024 (2017 private placement) and to repay a revolving credit facility balance of $285 million. The notes are subject to a delayed draw and the financial close and repayments are not anticipated until September. - S&P Global Ratings assigned a preliminary '###' rating on the anticipated notes and affirmed the existing debt '###' ratings. - The outlook is stable, reflecting our forecast that ITRCC will generate a minimum debt service coverage ratio (DSCR) of at least 1.30x, with a median debt service coverage ratio (DSCR) of about 1.42x, based on our refinancing and amortization assumptions for ITRCC's bullet debt, as well as our other operation assumptions....

Research Update