OVERVIEW We have assigned a 'BBB' rating to BAA Funding's £600 million class B2 notes. BAA Funding will use the proceeds from the issuance to refinance part of its existing debt. This is a corporate securitization transaction that provides first-ranking security over the securitized assets that include Heathrow and Stansted airports and the Heathrow Express rail link. STOCKHOLM (Standard & Poor's) Feb. 14, 2012--Standard & Poor's Ratings Services today assigned its 'BBB' credit rating to BAA Funding Ltd.'s £600 million class B2 fixed-rate note issuance under the issuer's £50 billion multicurrency program. The outlook is stable. The £600 million notes have an annual coupon of 7.125% and a legal final maturity of 2024. BAA Funding is designed to consolidate debt...
Companies mentioned in this report are:
- Heathrow Funding Ltd.
Action: New Rating
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Research type: News
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