Airport Authority Hong Kong Jun 12

Standard & Poors, June 2012

Abstract
Almost certain likelihood of extraordinary government support Strong competitive position Prudent financial policy and minimal financial risk profile Potential competition from other airports in the Pearl River Delta Some revenue concentration The rating on Airport Authority Hong Kong (AAHK) reflects the "almost certain" likelihood that the government of Hong Kong (Special Administrative Region) (HKSAR: AAA/Stable/A-1+; cnAAA/cnA-1+) would provide timely and sufficient extraordinary support to AAHK in the event of financial distress. As a result, the long-term credit rating on AAHK is equalized with the long-term rating on HKSAR. AAHK owns and operates Hong Kong's only airport, which is also a major international aviation hub. We consider AAHK to be a government-related entity and our view of an "almost certain" likelihood...

Companies mentioned in this report are:
- Airport Authority Hong Kong
- Hong Kong (Special Administrative Region)
- Hong Kong Mortgage Corp. Ltd.
- Urban Renewal Authority

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

- Airport Authority Hong Kong
- Hong Kong (Special Administrative Region)
- Hong Kong Mortgage Corp. Ltd.
- Urban Renewal Authority

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