...March 13, 2026 This report does not constitute a rating action. What's new: Aerostar Airport Holdings LLC (###+/Stable) and its San Juan Airport posted strong operating and financial performances in 2025. Revenue grew 7% compared to 2024, mostly from 9% growth in commercial revenues. In 2025, aeronautical revenue represented 44% of the total revenue line and commercial revenues the other 56%. Enplanements grew 3% to 6.8 million--lower than in 2024 when it grew 9% to 6.6 million in 2024. This slowed down aeronautical revenue growth to 5%. Meanwhile, commercial revenue saw robust growth, with the airport's car rental revenues up 10% and duty-free revenue up 15%. Active strategies like retaining parking locations and new duty-free locations improved the commercial revenue line. Additionally, Aerostar plans to improve airport infrastructure, such as expanding Terminal D Rehabilitation, parking garage expansion, and passenger boarding bridges. Funding is still uncertain with regards to timing...
