Fitch Affirms Tocumen S.A.'s Debt due 2023; Outlook Negative

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the long-term rating assigned to Aeropuerto International de Tocumen S.A.'s (Tocumen S.A or AITSA) USD650 million senior secured debt at 'BBB'. Fitch also affirmed AITSA's National scale ratings at 'AAA(pan)' and 'AAA(slv)'. The Rating Outlook remains Negative on all three ratings.

The affirmation is based on the expectation that modifications will be made to the indenture of rated bonds that materially enhance the security package and, combined with the Decreto de Gabinete #31 dated Oct. 6, 2015, allow AITSA to raise additional debt for up to USD625 million and fund the remaining completion of the south terminal. The details of the security package have yet to be publicly disclosed by AITSA. Fitch will provide a more detailed assessment when that information is publicly available. The Outlook should be revised to Stable upon successful execution of all proposed modifications to existing debt and following the successful raising of incremental capital.

Fitch does not expect the recent downgrade to 'BB'/ Outlook Negative of Odebrecht Engenharia e Construcao, the holding company of Construtora Norberto Odebrecht S.A., the Design Build Contractor of the south terminal to constrain current ratings. The risk of contractor default is considered remote and is offset by ample liquidity through performance bonds from ASSA Compania de Seguros, S.A. and adequate retention relative to remaining costs of works remaining.

RATING SENSITIVITIES

N/A

Additional information is available on www.fitchratings.com

Applicable Criteria

Rating Criteria for Airports (pub. 25 Feb 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=877676

Rating Criteria for Infrastructure and Project Finance (pub. 28 Sep 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870967

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001180

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001180

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160318005907/en/

Fitch Ratings, Inc.
Primary Analyst
Robert Hirtle
Analyst
+1 212 908 0132
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Patricia Gomez
Director
571-326-9999 ext. 2004
or
Committee Chairperson
Glaucia Calp
Managing Director
+57 1 484 6778
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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