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Birmingham Airport Holdings Ltd.
Standard & Poors, Sep 2005
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
A strong, competitive position in the densely populated Midlands region, with a large catchment area supported by excellent transportation links. A diversified airline customer base offering a wide range of destinations. Almost all passenger traffic is origin-destination. A high operating margin of 46% and strong cash interest coverage ratio. Exposure to low-cost carriers, some with perceived weak financial standing. The airport's location within a metropolitan conurbation, which may constrain future operating aspirations due to environmental sensitivities. Competition from Manchester, East Midlands, and the London airports. The ratings on Birmingham Airport Holdings Ltd. (BAHL) are based on its above-average business position as the second-busiest U.K. airport outside London and the third-busiest U.K. charter airport, with almost 100% origin-destination traffic. The company...
Companies mentioned in this report are: Birmingham Airport Holdings Ltd.,Aeroporti di Roma SpA,Southern Cross Airports Corporation Holdings Ltd.,Southern Cross Airports Corporation Pty Ltd.,Southern Cross FLIERS Trust,MAp Airports,Brussels Airport Co. (The)
Action: Review
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