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
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