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Aeroporti di Roma SpA
Standard & Poors, June 2004
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: Full Analysis
Abstract
High share of origin and destination traffic; Scope for higher airport charges; Growth potential for non-aviation revenues; and No capacity constraints and manageable capital expenditure program. Aggressive financial profile; Dependence on Alitalia, Italy's weak flag carrier; and Uncertainty surrounding airport charges determination. The ratings on Aeroporti di Roma SpA (AdR) reflect the company's strong market position, high proportion of origin and destination (O&D) traffic, and manageable capital-expenditure program. These strengths are offset, however, by AdR's aggressive financial profile and dependence on Alitalia, Italy's weak flag carrier. AdR has a concession until 2044 to operate the two airports serving the Italian capital, Rome: Leonardo da Vinci Airport at Fiumicino (FCO) and G.B. Pastine Airport at Ciampino (CIA). AdR is the largest...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Review
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