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ARCHIVE | Criteria | Corporates | Project Finance: A Framework For International Airport Ratings
Standard & Poors, Aug 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Standard & Poor's Ratings Services maintains public ratings on 125 airports and related financing of airport facilities globally, an increasing number of which are located outside the U.S. and Canada. Regardless of where they are located, airports, as an asset class, share many of the same positive and negative credit fundamentals. Unlike airlines, nearly all Standard & Poor's ratings on airports are investment grade. Airports often have operations that benefit from a dominant market position and generate revenues from both passengers and airlines. As a result, they have relatively high operating margins and cash generation, increasingly from commercial sources. Airports are not, however, totally immune from lower growth rates and declines in passenger numbers. Although airlines are more exposed to...
Companies mentioned in this report are: N.V. Luchthaven Schiphol ,Dublin Airport Authority PLC,Aeroporti di Roma SpA,Flughafen Zurich AG,Copenhagen Airports A/S
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