- Language: English
- Published: October 2012
Summary: Inaer Aviation Group, S.L.U.
- ID: 1770851
- Standard & Poors
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 Spain-based helicopter service provider Inaer Aviation Group, S.L.U. (Inaer) reflect Standard & Poor's Ratings Services' view of the group's highly leveraged financial risk profile; high capital expenditure (capex) requirements to maintain its fleet of around 300 helicopters; and weak credit metrics for the 'B+' long-term corporate credit rating. These risks are partially mitigated, in our opinion, by Inaer's satisfactory business risk profile, which is underpinned by its leading market position for mission critical helicopter services; its geographic diversity in Western Europe, Australia and Chile; and its stable revenue stream from multi-year contracts with national, regional, and local entities. On May 2, 2011, Inaer announced its acquisition of Bond Aviation Group (Bond), the U.K.'s largest independent helicopter operator,...
Companies mentioned in this report are: Inaer Aviation Group, S.L.U.
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