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BAA Ltd. Ratings Withdrawn Following Debt Exchange Into BAA Funding Ltd. Aug 08
Standard & Poors, Aug 2008
Abstract
LONDON (Standard & Poor's) Aug. 18, 2008--Standard & Poor's Ratings Services said today that it revised its CreditWatch status on the 'BBB-' senior unsecured debt ratings on the guaranteed nonconvertible bonds issued by U.K.-based airports operator BAA Ltd. to positive from developing, where they were placed on April 16, 2008. The revision of the CreditWatch status reflects the fact that the bondholders in each of the outstanding debt issues have consented to an exchange of their securities into various new class A debt securities issued by BAA Funding Ltd. under its -50 billion multicurrency program launched today. Standard & Poor's rated the new securities 'A-', reflecting, among other things, the first-ranking security over three designated airports (London Heathrow, London Gatwick,...
Companies mentioned in this report are: BAA Ltd.,BAA Funding Ltd.
Action: On CreditWatch:Positive
Action: Withdrawn
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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