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Airport Authority Hong Kong Mar 10 Product Image

Airport Authority Hong Kong Mar 10

  • Published: March 2010
  • Region: Hong Kong
  • Standard & Poors

Abstract
"Almost certain" likelihood of extraordinary government support Strong competitive position Conservative financial policy Potential competition from other airports in the Pearl River Delta Certain degree of revenue concentration The rating on Airport Authority Hong Kong (AAHK) reflects the strong stand-alone credit profile of the entity, along with the "almost certain" likelihood that the Hong Kong (Special Administrative Region) (HKSAR; AA+/Stable/--) government would provide timely and sufficient extraordinary support to AAHK in the event of financial distress. Thus, the long-term corporate credit rating on AAHK is equalized with the long-term rating on the HKSAR government. AAHK's stand-alone credit profile of 'AA-' reflects its "excellent" business risk profile and a "minimal" financial risk profile. We consider AAHK as a government-related entity (GRE)...

Companies mentioned in this report are:
- Airport Authority Hong Kong
- Hong Kong (Special Administrative Region)
- Hong Kong Mortgage Corp. Ltd.
- Urban Renewal Authority

Action: Review

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- Airport Authority Hong Kong
- Hong Kong (Special Administrative Region)
- Hong Kong Mortgage Corp. Ltd.
- Urban Renewal Authority

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