S&P ups ACI Airport notes

S&P said it raised its rating on ACI Airport Sudamerica SA's series 2015 and series 2020 notes to BB from CCC, but is not rating the new series 2021 notes. The agency withdrew all ratings on the project's debt upon the issuer's request.

The issuer completed the exchange of its series 2015 and series 2020 notes for new $246 million series 2021 notes with credit holders' acceptance rate of 93%.

“As a result, the project's capital structure, structural protections and liquidity are now stronger, while air traffic gradually recovers following the Carrasco International Airport's reopening in November 2021,” S&P said in a press release.

The outlook is stable. “The stable outlook incorporated our view that the project can cover its financial obligations in the upcoming 12 months thanks to the additional liquidity under the interest payment account, even amid volatile air traffic conditions,” the agency said.

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