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BAA Funding Ltd.'s First-Half Performance Demonstrates Resilience Sep 09
Standard & Poors, Sep 2009
Abstract
BAA (SP) Ltd., which is the holding company in the financing structure for Heathrow Airport Ltd., Gatwick Airport Ltd., Stansted Airport Ltd., and Heathrow Express Opco Ltd., released at the end of July its unaudited results for the six-month period to June, 30, 2009. Its statutory accounts have been prepared under U.K. GAAP, with Gatwick treated as a continuing operation. BAA's first-half performance demonstrated the resilience of the business to the current macro-economic downturn. The 12.8% reported revenue increase (3.8% like for like) to about -1.15 billion was primarily driven by aeronautical fee increases, as traffic at BAA's three London airports declined 7.4%, to 55.2 million passengers. Meanwhile, net retail income was relatively resilient especially at Heathrow which reaped the...
Companies mentioned in this report are: BAA Funding Ltd.,Heathrow Airport Ltd.
Action: General Comment
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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