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Aeroports de Paris Nov 04
Standard & Poors, Nov 2004
Abstract
Strong competitive position as owner and operator of France's major airports; Supportive regulatory regime and government policies; and Ample capacity. Some domestic competition from the high-speed train network; and Significant planned capital expenditures, although part of the program is deferrable. The rating on France-based Paris airports owner and operator A-roports de Paris (ADP) mainly reflects the very strong support from the Republic of France (AAA/Stable/A-1+). ADP's current legal status as an 'Etablissement Public' confers on its obligations the ultimate guarantee of the French state. A draft law is under review at the French parliament, and should be passed by early 2005, with a view to changing ADP's status to that of a private-law company. Accordingly, the opening-up of ADP's capital...
Companies mentioned in this report are: Aeroports de Paris,France (Republic of) (Unsolicited Ratings),BAA Ltd.,N.V. Luchthaven Schiphol ,VINCI S.A.
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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