Between 2006 and 2016, air traffic has surged across Latin American nations given that the average growth rate was triple the region’s GDP growth, a trend we continue to see in the first six months of 2017. This outpaced S&P Global Ratings’ initial base-case projections as well as most of the independent studies, resulting in the airports’ stronger cash flow generation and credit metrics than originally estimated, which in turn mostly lifted the ratings on these infrastructure assets.