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: Outlook: Negative
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Research type: News
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