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BULLETIN: Vinci S.A. in Takeover Bid for U.K.-Based Airport Operator TBI PLC Aug 01
Standard & Poors, Aug 2001
Abstract
Standard & Poor's said today that Vinci S.A.'s (--/--/A-2) takeover bid for U.K.-based airport operator TBI PLC for about -815 million has no effect on its rating on the company. If successful, the takeover would increase, albeit very modestly, the contribution of the group's services activities, which are viewed by Standard & Poor's as less risky than Vinci's construction business. The group's financial profile would deteriorate, however, as the deal would be debt-financed: Excluding the group's concessions business (toll highways and car parks), the balance sheet would shift from a net cash position of -620 million to a net debt position of about -100 million at year-end 2001. Nevertheless, Standard & Poor's believes that this remains a modest level compared...
Companies mentioned in this report are: VINCI S.A.
Action: S&P Event
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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