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Airservices Australia Jul 10
Standard & Poors, July 2010
Abstract
100% ownership by the 'AAA' rated Commonwealth of Australia and 'Almost Certain' of extraordinary government support Legislated monopoly status of its core services and cost-plus pricing structure Stable and predictable revenue Weakening financial profile Partial exposure to short-term activity levels that may result in lower revenue over some years The ratings on Airservices Australia (AsA), an air-navigation service provider 100% owned by the Commonwealth of Australia (AAA/Stable/A-1+), reflect our view of the likelihood of extraordinary government support for the timely repayment of AsA's financial obligations. In our opinion, there is an 'almost certain' likelihood that the Australian government would provide timely and sufficient extraordinary support to AsA in the event of financial distress. In accordance with our criteria for government-related...
Companies mentioned in this report are: Airservices Australia,Australia (Commonwealth of) (Unsolicited Ratings),Export Finance & Insurance Corp.,British Airways PLC,Australian Postal Corp.,DFS Deutsche Flugsicherung GmbH,Nav Canada,NATS (En Route) PLC,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
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