MIC Notes S&P Downgrade to BB+ / Stable

  • Company foresees no material impact from ratings change

NEW YORK–(BUSINESS WIRE)–Macquarie Infrastructure Corporation (NYSE:MIC) notes that S&P Global
Ratings’ (S&P) today downgraded MIC’s Issuer Credit Rating to BB+ /
Stable from BBB- / Negative Outlook. S&P simultaneously downgraded MIC’s
International-Matex Tank Terminals (IMTT) subsidiary to reflect the
change in the parent rating.

Christopher Frost, Chief Executive Officer of MIC, made the following

“The successful sales of the Bayonne Energy Center and other, smaller
businesses in 2018, together with the pending sales of our portfolio of
wind and solar power generation businesses, have sharpened our strategic
focus and strengthened our balance sheet although modestly reduced the
diversity of our cash flows. Taken together with the decreased
contribution from IMTT while repurposing and repositioning investments
continue, S&P has concluded that MIC should be rated under S&P’s
corporate methodology and that a one-notch downgrade is appropriate.

“As previously noted, we do not expect the ratings revision or change in
ratings methodology to have any material impact on our interest expense
or our financial condition. We have ample liquidity with which to fund
our commitments, including our dividend, and expect to maintain our
ratio of net debt to EBITDA in a range of between 4- and 4.25-times in
2019. Importantly, the majority of our debt facilities do not require
refinancing before 2025.”

About MIC

MIC owns and operates a diversified group of businesses providing basic
services to customers in the United States. Its businesses consist of a
bulk liquid terminals business, International-Matex Tank Terminals, an
airport services business, Atlantic Aviation, and entities comprising an
energy services, production and distribution segment, MIC Hawaii. For
additional information, please visit the MIC website at www.macquarie.com/mic.

MIC is not an authorized deposit-taking institution for the purposes of
the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC
do not represent deposits or other liabilities of Macquarie Bank Limited
ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide
assurance in respect of the obligations of MIC.


Jay A. Davis
Investor Relations

Melissa McNamara
+1 212-231-1667