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Birmingham Airport Holdings Ltd.
Standard & Poors, Oct 2006
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 of England, with a large catchment area supported by excellent road and rail links A diversified airline customer base offering an increasing range of destinations Almost all origin-destination passenger traffic An operating margin of 47% and a strong cash interest coverage ratio An increasingly diversified revenue mix, owing to an increasing income contribution from retail concessions Competition from Manchester Airport to the north, the London airports to the south, and other low-cost airports and airlines in the Midlands Exposure to a declining charter market The metropolitan location of Birmingham Airport, which could constrain future expansion owing to environmental sensitivities and capital expenditure implications A requirement, over the longer term, for...
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,Copenhagen Airports A/S,MAp Airports,Brussels Airport Co. (The),Copenhagen Airports Denmark Holdings ApS
Action: Review
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