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BAA Funding Debt Ratings Affirmed On Request To Sell Gatwick And Stansted Airports Dec 08
Standard & Poors, Dec 2008
Abstract
PARIS (Standard & Poor's) Dec. 18, 2008--Standard & Poor's Ratings Services said today that it has affirmed its debt ratings on all classes of notes issued by BAA Funding Ltd. following the announcement on Dec. 17 by the Competition Commission (CC) that, subject to final consultation, it will require BAA to sell both Gatwick and Stansted airports. At the same time, we have affirmed our secured ratings on the tranche A and tranche B refinancing facility lent to Heathrow Airport Ltd., Gatwick Airport Ltd., and Stansted Airport Ltd. (see list below). The affirmations reflect the fact that we expect BAA to sell Gatwick and Stansted airports for more than 85% of their regulatory asset base (RAB). This means that we...
Companies mentioned in this report are: BAA Funding Ltd.,Heathrow Airport Ltd.
Action: Affirmed
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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