Airport Authority Hong Kong Dec 10

Standard & Poors, December 2010

Abstract
"Almost certain" likelihood of extraordinary government support Strong competitive position Prudent financial policy and minimal financial risk profile 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 government of the Hong Kong (Special Administrative Region) (HKSAR: AAA/Stable/--) would provide timely and sufficient extraordinary support to AAHK in the event of financial distress. The long-term corporate credit rating on AAHK is therefore equalized with the long-term sovereign issuer rating on the HKSAR. AAHK's stand-alone credit profile of 'aa-' reflects the authority's excellent business risk profile and minimal financial risk profile....

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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