OREANDA-NEWS. 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