|
|
 |
|
Viewing report
|
|
|
|
Airservices Australia Apr 08
Standard & Poors, April 2008
Abstract
100%-ownership by the 'AAA' rated Commonwealth of Australia Legislated monopoly status of its core services and cost-plus pricing structure Modest financial profile Potential expansion of non-regulated business The ratings on Airservices Australia (AsA) reflect the air-navigation service provider's 100%-ownership by the Commonwealth of Australia (AAA/Stable/A-1+). AsA's underlying rating is also very strong, based on its strong competitive position from the legislated monopoly status of its core services; legislated use of a cost-plus pricing structure; and modest financial profile. The potential expansion of AsA's non-regulated business could introduce some modest weakness into its credit profile. Implicit government support to AsA is considered very strong, given the sensitivities and sovereign responsibility surrounding air safety in Australia, and strong oversight of the authority's...
Companies mentioned in this report are: Airservices Australia,Australia (Commonwealth of) (Unsolicited Ratings),Export Finance & Insurance Corp.,Australian Postal Corp.,Australian National University (The)
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
|
|
|
|
