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Aeroporti di Roma SpA
Standard & Poors, July 2008
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
Strong market position High proportion of origin and destination traffic, with good growth potential No capacity constraints and manageable although rising capital expenditure program Aggressive financial profile Uncertainty regarding future regulation of airport charges Dependence on Italy's weak flag carrier The ratings on Italian airport operator Aeroporti di Roma SpA (AdR) reflect the company's strong market position, high proportion of origin and destination (O&D) traffic, and manageable although rising capital expenditure program. Offsetting these strengths, however, are AdR's aggressive financial profile, the protracted regulatory process for a tariff increase, 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,Romulus Finance S.r.l.
Action: Review
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