Airport Authority Hong Kong Mar 10

Standard & Poors, March 2010

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

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

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

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