The Global Armored Vehicles and Counter IED Vehicles Market 2011-2021 - Competitive Landscape and Strategic Insights: Market Profile
- Published: June 2012
- Region: Global
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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 of origin and destination traffic (72.0% in 2010). Discussions regarding aeronautical regulations governing key items such as tariffs and capital spending levels remain ongoing between Aeroporti di Roma and the Civil Aviation Authority (ENAC). Our previous expectation was that the regulation would be decided prior to year-end 2010 and...
Companies mentioned in this report are: Aeroporti di Roma SpA
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Aeroporti di Roma SpA