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Australia Pacific Airports Corp. Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Monopolistic asset, with relatively stable passenger base and resilient cash flow Diversified revenue profile Experienced management team Substantial and largely debt-funded capital-expenditure program Weak credit metrics at the 'A-' rating level Limited financial headroom at the 'A-' rating level The rating on Australia Pacific Airports Corp. Ltd. (APAC) reflects our view of the company's excellent business risk profile. APAC's primary asset, Melbourne Airport (APAM), benefits from a natural monopoly, a degree of diversity and relative resilience in the passenger base and revenue profile, and an experienced management team. Partly offsetting these strengths are the airport's significant financial risk profile and Standard & Poor's Ratings Services' expectation that the airport's sizable capital-expenditure program (including expenditure on investment property), which is currently...
Companies mentioned in this report are: Australia Pacific Airports Corp. Ltd.,Australia Pacific Airports (Melbourne) 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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