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Summary: Aeropuertos Argentina 2000 S.A.
Standard & Poors, April 2011
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
Standard & Poor's Ratings Services' long-term corporate credit rating on Argentine airport operator Aeropuertos Argentina 2000 S.A. (AA2000) mainly reflects its exposure to Argentine country risk, the inherent volatility to passenger traffic (which depends on various factors such as the level of economic activity, international events such as terrorist attacks, geopolitical tensions, and epidemics, and the exchange rate evolution), the challenge of implementing the investment plan (including construction risk), and a relatively high counterparty exposure with Aerolineas Argentinas S.A., that has recently experienced certain financial difficulties. The company's very good competitive position derived from its exclusive concession to operate 33 airports in the country and a manageable maturity profile for the next four years partially counterbalance. We assess AA2000's Business...
Companies mentioned in this report are: Aeropuertos Argentina 2000 S.A.,Argentina (Republic of) (Unsolicited Ratings)
Action: Review
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