Summary: Aeroporti di Roma SpA

Standard & Poors, July 2001

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
The ratings on Aeroporti di Roma SpA (AdR) reflect its strong business position offset by a relatively aggressive financial profile. AdR has a concession until 2044 to operate two airports, Ciampino and Fiumicino (FCO), both of which serve Rome, Italy's capital. The city is also Italy's political center and one of the world's main religious centers and therefore attracts a steady stream of tourists. The company has a traditionally strong position in the domestic Italian market and is situated in a relatively large and affluent catchment area. Its position as an international hub, however, was weakened following a political decision in 1998-1999 to move most of the Italian flag carrier, Alitalia's, intercontinental flights from Rome to Milan. AdR was acquired...

Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Review

Aeroporti di Roma SpA

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