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Aeroporti di Roma SpA ?43.35 Million Bank Loan Assigned 'BBB-' Long-Term Rating
Standard & Poors, Aug 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
PARIS (Standard & Poor's Ratings Services) Aug. 28, 2008--Standard & Poor's Ratings Services said it has assigned its 'BBB-' long-term debt rating to Italian airport operator Aeroporti di Roma SpA's (AdR, BBB-/Stable/A-3) -43.35 million senior secured bank loan due 2018 (initially for -85 million). The bank loan ranks pari passu and has equal priority under the intercreditor agreement with AdR's other senior secured debt. Monoline insurer CIFG Europe (B/Watch Dev/--) guarantees this bank loan. The ratings on AdR reflect its 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...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: New Rating
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