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Research Update: Manchester Airport Group Rating Lowered To 'BBB'; Then Withdrawn At Company's Request Feb 13 Product Image

Research Update: Manchester Airport Group Rating Lowered To 'BBB'; Then Withdrawn At Company's Request Feb 13

  • ID: 2417774
  • February 2013
  • Standard & Poors

Abstract
U.K. airport operator The Manchester Airport Group PLC (MAG) has announced that it will acquire Stansted Airport from Heathrow Airport Ltd. for £1.5 billion. The deal is due to close by Feb. 28, 2013. In our view, MAG's financial risk profile will weaken to "significant" from "modest" as a result of the acquisition. We are therefore lowering our long-term corporate credit rating on MAG to 'BBB' from 'A'. At the same time, we are withdrawing the rating at the company's request. On Feb. 18, 2013, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K. airport operator The Manchester Airport Group PLC (MAG) to 'BBB' from 'A'. At the same time, we withdrew the rating at the...

Companies mentioned in this report are:
- The Manchester Airport Group PLC

Action: Downgraded
Action: Withdrawn

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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