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Adelaide Airport Ltd. Dec 12 Product Image

Adelaide Airport Ltd. Dec 12

  • ID: 2359574
  • December 2012
  • Standard & Poors

Natural-monopoly position in the state of South Australia Reasonably reliable long-term passenger growth Diverse income sources Small catchment area and susceptibility to reduction in services during industry stress Financial metrics that are weaker than our expectation for the rating Restoration of financial headroom in the near term to be in line with our minimum expectation is dependent on significant deferral of capital expenditure or distributions 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...

Companies mentioned in this report are:
- Adelaide Airport Ltd.
- New Terminal Financing Co. Pty Ltd.

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

- Adelaide Airport Ltd.
- New Terminal Financing Co. Pty Ltd.

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