S&P rates ITR notes BBB

S&P said it assigned a BBB rating to ITR Concession Co. LLC’s planned private placement of notes.

“ITR Concession Co. LLC (ITRCC) is issuing $670 million in senior secured private placement notes due 2026-2039 to repay fully (and terminate) $289 million outstanding under its $328.5 million capital spending facility (unrated) due 2020, $15 million for the partial termination of an associated swap, and $230 million outstanding under an unrated $300 million revolving credit facility due 2024. It will use the remaining proceeds to pay transaction costs and distribution,” S&P said.

The agency also affirmed the BBB rating on ITR’s senior secured debt, comprising $850 million private placement notes due in 2024-2032, $700 million private placement notes due in 2045-2055, and $1.05 billion 144A notes due in 2025-2040.

The outlook is stable.

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