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Aeroports de Paris 'A+' Rating Affirmed Following Announcement Of TAV Havalimanlari Acquisition; Outlook Negative Mar 12 Product Image

Aeroports de Paris 'A+' Rating Affirmed Following Announcement Of TAV Havalimanlari Acquisition; Outlook Negative Mar 12

  • ID: 2088498
  • March 2012
  • Standard & Poors

Abstract
France-based airport operator Aeroports de Paris (ADP) has announced that it is to acquire 38% of Turkey-based airport operator TAV Havalimanlari and 49% of sister company TAV Yatirim Holding. Although we expect this acquisition to weaken ADP's credit metrics, under our base-case scenario we forecast that funds from operations to debt will weaken to about 20%, before gradually improving, which we see as commensurate with the current rating. We are therefore affirming our 'A+' long-term corporate credit rating on ADP. The negative outlook reflects that on the Republic of France. LONDON (Standard & Poor's) March 15, 2012--Standard & Poor's Ratings Services said today that it affirmed its 'A+' long-term corporate credit rating on France-based airport operator Aeroports de Paris (ADP)....

Companies mentioned in this report are:
- Aeroports de Paris

Action: Affirmed
Action: Outlook: Negative

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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- Aeroports de Paris

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