Fitch Ratings has assigned Aena S.M.E. S.A.'s (Aena) benchmark size EUR500 million-EUR1,000 million senior unsecured notes a long-term rating of 'A-'(EXP), with Stable Outlook.

The notes are issued under Aena's EUR3 billion euro medium-term note programme (A-/Stable). For further information on the EMTN programme rating, see 'Fitch Rates Aena S.M.E. S.A.'s EUR3 billion EMTN Programme 'A-', Outlook Stable', published on the 27 July 2023 on www.fitchratings.com.

The notes' rating is in line with Aena's Long-Term Issuer Default Rating (IDR) of 'A-', as the notes issued within the programme constitute direct, unconditional, unsubordinated and unsecured obligations of Aena and rank equally among themselves. In addition, they rank equally with all other direct unsecured obligations of Aena.

The assignment of the final rating is subject to the receipt of final documentation conforming to information already received by Fitch.

RATING RATIONALE

The notes do not contain financial covenants but include standard clauses such as cross default of the issuer and its material subsidiaries, with standard carve-outs. They also include an option for any bondholder to call for early redemption in case of a change-of-control event of the issuer combined with a rating downgrade to below investment grade. The documentation contains a negative pledge clause on the issuer's and material subsidiaries' assets.

The proceeds of the notes will be used for the group's investment activity, which is already factored in the scope of Fitch's 2023-2027 rating case for Aena.

For an overview of Aena's credit profile, including key rating drivers, see ' Fitch Affirms Aena at 'A-'; Outlook Stable' published on 1 June 2023 on www.fitchratings.com.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

A downgrade of Aena's Long-Term IDRs would be reflected in the notes' rating.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

An upgrade of Aena's Long-Term IDR would be reflected in the notes' rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

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