TERMS OF USE REGULATORY AFFAIRS SUSTAINABILITY DIVERSITY, EQUITY & INCLUSION CAREERS ABOUT US CONTACT US Search ratings, research, analysts, and more... HOMETRENDINGREPORTSSECTORS & REGIONSRATINGS & ASSESSMENTSTOOLS & DATAEVENTS & TRAINING LOG IN Export PDF Print Related Issuers ACI Airport Sudamerica, S.A. Related Research Issuer In-Depth: ACI Airport Sudamérica S.A.: Pre-sale report - $260 million Senior Secured Notes Rating Action: Moody's assigns first time provisional (P)Ba1 rating to ACI Airport Sudamérica, S.A.'s Gtd Senior Secured Notes; Outlook Stable Rating Action: Moody's assigns a definitive Ba1 rating to ACI Airport Sudamérica, S.A.'s Gtd Senior Secured Notes; Outlook Stable 23 Nov 2021 New York, November 23, 2021 -- Moody's Investors Service ("Moody's") today assigned a definitive Ba1 rating to ACI Airport Sudamérica, S.A. ("ACI" or "the Issuer") $246.2 million Gtd Senior Secured Notes due 2034. The rating outlook is stable. ACI Airport Sudamerica, S.A. is a holding company unconditionally and irrevocably guaranteed by its subsidiary Cerealsur S.A. ("Cerealsur"). Cerealsur owns 100% of Puerta del Sur S.A. ("PDS"), whose purpose is the administration, exploitation and operation, construction and maintenance of the Carrasco International Airport in Uruguay ("Carrasco"). Carrasco is the busiest private airport in Uruguay in terms of passenger traffic, with about 2 million passengers in 2019, and the main international airport in the country. ACI is ultimately owned and controlled by Corporacion America Airports S.A. PDS has recently amended its concession contract, which entails an extension of the concession term to 2053 and the incorporation of six regional airports in Uruguay in addition to Carrasco to the scope of the concession. The amendment also involves a commitment of $67 million in capital expenditures (capex) to perform works on these six airports to be incorporated to the concession. Proceeds from the issuance of $246.2 million Gtd Senior Secured Notes were used to finance the purchase of the Issuer's existing notes due 2032 (2015 Notes and 2020 Notes), fund an interest payment account, repay in full the local notes outstanding under the operating company PDS and to pay all the related transaction expenses. The purpose of the issuance is to extend the life of the debt and support additional capital expenditures required under an amendment to PDS' concession contract. RATINGS RATIONALE The assigned Ba1 rating mainly reflects the liquidity provisions embedded in the financial structure, balanced against the challenges related to air traffic recovery amid the COVID-19 Pandemic. The issuance entails an interest payment account funded at closing to service debt in 2022 and partly in 2023 and a Letter of Credit (LC) provided by a creditworthy financial institution to cover six months of debt service. Through the combination of the liquidity enhancements (interest payment account and LC) and a principal grace period, ACI would not need to rely on its internal cash generation for debt service until May 2024. Moody's views that the liquidity features partly offset the challenges related to traffic recovery and the renewal of the duty-free concession contract in 2023. Moody's notes that while air traffic has started to recover after the abrupt decline in 2020 (-73% versus 2019), there is still a high degree of uncertainty given the evolving nature of the pandemic and the restrictions imposed by the Government of Uruguay (Baa2 stable). Due to stringent travel restrictions, Carrasco has presented one of the slowest traffic recovery trends of the region. However, an important consideration for the Ba1 rating is that traffic restrictions were lifted since November 1st, supporting a gradual revenue recovery. Alternatively, these restrictions could be considered force majeure under the amended concession contract and as such PDS could eventually negotiate a deferral in the schedule of capital expenditure requirements if needed. The Ba1 rating reflects Carrasco's favorable asset fundamentals as the main international airport in Uruguay. Carrasco is the leading private airport in Uruguay in terms of passenger traffic, serving approximately 2 million passengers in 2019. The airport's service area, Uruguay, is relatively large, with a population of approximately 3.5 million people. Moody's views the service area's economic base as evolving, reflecting Moody's expectation of Uruguay's moderate potential growth and a relatively high income per capita, counterbalanced by the small size of the economy. In 2020, the economy contracted by 6% in real terms, and Moody's expects that the economy will expand by an average of 3% per year in 2021 and 2022. At the same time, the rating acknowledges that while Carrasco captures almost all international air travel within Uruguay, the airport is exposed to substantial competition from other modes of transport. In terms of Carrasco's service offering, Moody's considers that the very high share of Origin and Destination (O&D) traffic, above 95%, grants resiliency to the airport's traffic profile. Nevertheless, our assessment also incorporates our expectation that Carrasco's future traffic performance will exhibit significant volatility due to its exposure to traffic from Argentina (Government of Argentina, Ca Stable) and Brazil (Government of Brazil, Ba2 Stable), countries with a more volatile and subdued economic growth. The assigned rating also balances that the airport's primary carrier, LATAM Airlines Group S.A (LATAM), accounts for approximately 30% of total traffic and that the remaining passenger traffic is well diversified across other airlines. The Ba1 rating incorporates that all airport key assets are managed by PDS under a long-term concession. PDS has recently amended its concession contract, which entails an extension of the concession term to 2053 and the incorporation of six regional airports in Uruguay - in addition to Carrasco - to the scope of the concession. The rating also reflects Uruguay's favorable framework for aeronautical tariff setting, which entails annual adjustments by a clear formula at the request of the operator and subject to government approval, and a reasonable track record of supportive regulatory decisions. The assigned rating incorporates that Carrasco can easily accommodate traffic growth and that it will not require meaningful capital expenditures before the Notes mature in 2034. Under the amendment to the concession, PDS will have to disburse $67 million in capital expenditures on the six regional airports that will be incorporated into the concession. While the planned capital program is quite significant in comparison to Carrasco's historical levels, Moody's does not expect that the new investments will contribute to a material increment of cash flows, so eventual delays on the execution would not result in a material reduction in expected revenues. In addition, the investments' amount will be fixed under the concession amendment, so there is no risk of cost overruns. Moreover, Moody's views that Corporacion America Airports S.A., the sponsor under the transaction, has a long track record of operating airports and sufficient expertise to carry out the works arising from the concession amendment. Moody's Ba1 rating acknowledges that the transaction will result in prospective credit metrics adequate for the rating category. On a consolidated basis, Moody's expects a Cash Interest Coverage of 2.3x, a Debt Service Coverage Ratio of 1.9x and Funds From Operations to debt and Retained Cash Flow to Debt of 8.4% as an average over the 2022-2024 period. The rating acknowledges the structural protections and collateral package contemplated in the transaction which provides a one-notch uplift to the fundamental underlying credit quality. These considerations include the guarantee from Cerealsur and from PDS; collateral package; the existence of a cash flow waterfall; interest payment account; a 6-month USD-denominated debt service reserve account funded with a LC from closing and with cash; limitations on distributions, additional debt and business activities; amortizing debt structure with a cash sweep mandatory redemption and principal payment grace period; retention event and distribution event clauses; as well as additional terms. Rating Outlook The stable outlook reflects Moody's expectation of a gradual recovery of cash flows as traffic numbers recover to approximately 75% of pre pandemic levels by mid-2023, balanced against the liquidity embedded in the financial structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the still ongoing recovery of traffic levels, there is limited potential for the rating to be upgraded over the next 12 to 18 months. Nevertheless, better-than-expected traffic growth after the pandemic abates that results in a sustained improvement in credit metrics could exert upward pressure. Specifically, a Cash Interest Coverage above 3.5x and Funds From Operations to debt above 14%, as measured by Moody's, could lead to positive rating pressure. A significant reduction of anticipated cash flows due to lower-than-expected traffic levels, which causes credit metrics to deteriorate, could exert downward pressure on the rating. Quantitatively, a Cash Interest Coverage below 1.8x and Funds From Operations to debt below 8%, as measured by Moody's, could lead to a rating downgrade. At the same time, lower-than-expected commercial revenues from the renewal of the duty free shop concession in 2023 could trigger a downgrade. Moreover, an anticipated reduction in available liquidity or a disruption in the flow of dividends from the operating companies, or both, could lead to a downgrade. The principal methodology used in this rating was Privately Managed Airports and Related Issuers published in September 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1092224. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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