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BAA Funding's Ratings Affirmed After DFT Announcement And Gatwick Sale; Outlook Stable Nov 09
Standard & Poors, Nov 2009
Abstract
OVERVIEW We affirmed the ratings on notes issued by BAA Funding following the announcement on October 13 by the Department for Transport (DFT) amending its March 2009 consultation paper on potential regulatory changes for U.K. regulated airports. We revised the outlook to stable from negative, reflecting the fact that the U.K. government will not proceed with proposals to introduce a special administration regime for U.K. regulated airports (including BAA London airports). We also affirmed our ratings on the tranche A and B refinancing facility lent to Heathrow Airport. Gatwick Airport, and Stansted Airport, which together form part of the borrower group. We believe that the sale of Gatwick Airport has reduced the liquidity uncertainty at the BAA borrower group in...
Companies mentioned in this report are: BAA Funding Ltd.,Heathrow Airport Ltd.
Action: Affirmed
Action: Outlook: Stable
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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