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Aeroporti di Roma SpA
Standard & Poors, March 2011
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 and high proportion of origin and destination traffic Strong profitability Sustainable positive free cash-flow generation, at current regulatory environment and capital expenditure level Material refinancing risk in February 2013 A highly leveraged financial profile Uncertainty regarding future airport charges and capital plan High dependence on Alitalia The ratings on Aeroporti di Roma SpA (AdR) reflect Standard & Poor's Ratings Services' view of the airport's material refinancing risk in February 2013 and highly leveraged financial profile. The protracted regulatory process for tariff increases is also a key rating constraint. These risks are somewhat offset in our view by AdR's strong market position as illustrated by superior traffic growth compared with most other European peers, and a high proportion...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Review
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