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Aeroporti di Roma SpA
Standard & Poors, July 2007
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 proportion of origin and destination traffic, with good growth potential Conservative management of operating spending No capacity constraints and manageable capital-expenditure program Aggressive financial profile Ongoing uncertainty in regulatory matters affecting airport charges Dependence on Italy's weak flag carrier The ratings on Italian airport operator Aeroporti di Roma SpA (AdR), placed on CreditWatch with negative implications on June 14, 2007, 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: Fiumicino (FCO) and Ciampino (CIA). AdR is...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Review
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