Summary: Adelaide Airport Ltd. Dec 12
- ID: 2359302
- December 2012
- Standard & Poors
The rating on Australia-based Adelaide Airport Ltd. (AAL) reflects our view of the airport's natural-monopoly position in South Australia (AA/Stable/A-1+); relatively stable revenue; and detailed capital-expenditure program, which can be easily scaled down. These strengths are somewhat offset by the airport's relatively small catchment area, and its current financial profile being weaker than our expectation for the 'BBB' rating. AAL owns and operates the Adelaide and Parafield airports in the state of South Australia through long-term leases from the Commonwealth of Australia (AAA/Stable/A-1+). We consider AAL's business profile to be "strong", underpinned by AAL's position within South Australia as the major domestic airport and the only international airport. About half of AAL's total revenue comprises aeronautical charges, of which approximately...
Companies mentioned in this report are:
- Adelaide Airport Ltd.
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