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Aeroporti di Roma SpA
Standard & Poors, July 2009
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 capital expenditure program Uncertainty regarding future airport charges Further dependence on Alitalia after its merger with Air One Highly leveraged financial profile Medium-term refinancing risk The ratings on Italy's Aeroporti di Roma SpA (AdR) reflect its highly leveraged financial profile with medium-term refinancing risk, the protracted regulatory process for tariff increases, dependence on Alitalia (34.9% of 2008 traffic), and the risk Standard & Poor's Ratings Services perceives of a weakened financial performance in coming quarters. These risks are somewhat offset by AdR's strong market position, strong catchment area, high proportion of origin and destination (O&D) traffic (71.4% in 2008), and manageable...
Companies mentioned in this report are: Aeroporti di Roma SpA,Romulus Finance S.r.l.
Action: Review
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