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Airservices Australia Aug 11
Standard & Poors, Aug 2011
Abstract
Wholly government-owned and 'almost certain' likelihood of extraordinary government support Legislated monopoly status of its core services Stable and predictable cash flows supported by risk-sharing mechanisms Continued high level of planned capital expenditure over the medium term Track record of refinancing near to maturity dates The 'AAA' rating on Airservices Australia (AsA), an air-navigation service provider 100% owned by the Commonwealth of Australia (AAA/Stable/A-1+), reflects the long-term rating on Australia. Based on our criteria for rating Government-Related Entities (GREs; see 'Rating Government-Related Entities: Methodology And Assumptions' published to RatingsDirect on December 9, 2010), we have equalized the AsA rating with that on Australia because we consider that there would be an 'almost certain' likelihood that the government would provide sufficient...
Companies mentioned in this report are: Airservices Australia,Australia (Commonwealth of) (Unsolicited Ratings),Export Finance & Insurance Corp.,Australian Postal Corp.,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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