New Issue: BAA Funding Ltd. Aug 08
Standard & Poors, August 2008
Abstract
Standard & Poor's Ratings Services has assigned credit ratings to the first note issuances out of a -50 billion multicurrency program by BAA Funding Ltd. (the issuer), a limited liability company incorporated in Jersey. We have also assigned ratings to the tranche A and B refinancing facility lent to Heathrow Airport Ltd. (HAL), Gatwick Airport Ltd. (GAL), and Stansted Airport Ltd. (STAL), all non-bankruptcy-remote operating entities, which together form part of the borrower group. The class A notes were issued in exchange for the existing BAA Ltd. obligations. Since the publication of our presale report on July 15, 2008 and the assignment of preliminary ratings, we note the following: All existing bonds issued by BAA Ltd. have been exchanged for...
Companies mentioned in this report are: BAA Funding Ltd.,BAA Ltd.
Action: New Rating
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
BAA Funding Ltd.,BAA Ltd.
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