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Adelaide Airport Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Natural-monopoly position in the state of South Australia Resilient domestic passenger base Diverse income sources Small catchment area and susceptibility to reduction in services during industry stress may limit growth prospects Significant planned capital expenditure, albeit with some flexibility on the timing and subject to pricing agreements with airlines Financial metrics at the weaker end for the rating The rating on Australia-based Adelaide Airport Ltd. (AAL) reflects our view of the strong business position of the company's primary asset, Adelaide Airport. Supporting AAL's business profile are the airport's relatively resilient domestic passenger base, diverse revenue streams, and flexibility to manage its capital-expenditure program and distribution profile to maintain financial metrics consistent with its rating. These strengths are somewhat offset by...
Companies mentioned in this report are: Adelaide Airport Ltd.,New Terminal Financing Co. Pty Ltd.
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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