Heathrow Heathrow Funding Limited credit ratings affirmed (3234R)
2021年3月5日 - 6:39PM
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RNS Number : 3234R
Heathrow
05 March 2021
05 March 2021
Heathrow Funding Limited credit ratings affirmed
Credit rating agency Standards and Poor's (S&P) affirmed
Heathrow Funding Limited's investment grade ratings at BBB+ for
Class A debt and BBB- for Class B debt. Both ratings were taken off
CreditWatch where they had been since May 2020 and moved to
negative outlook.
S&P highlighted the swift mitigating actions Heathrow has
taken to reduce its cash burn, protect its covenants, and the
airport's strong liquidity position as key drivers for the
improvement in outlook. Although continued uncertainty around the
recovery of traffic remains one of the largest challenges for the
UK's aviation sector, S&P valued the CAA's recent recognition
that a regulatory intervention to support Heathrow through a RAB
adjustment is now needed. The updated credit opinion also depends
on the outcome of the H7 regulatory reset. S&P expects that the
regulator will take a balanced approach for the next price control
period starting in 2022, ensuring Heathrow remains financeable by
charging higher prices to generate enough cashflows to maintain
investment grade credit ratings.
Heathrow has sufficient financial cover for the next 18-24
months after achieving nearly GBP400 million of gross operating
savings, cancelling or deferring GBP700 million of capital
expenditure and completing a GBP600 million capital injection to
protect investors.
Heathrow Chief Financial Officer Javier Echave said:
"COVID-19 has presented unprecedented challenges, and over the
past year we've been focussed on taking swift action to protect the
business. We've made great strides in cutting costs and making the
airport more efficient and competitive while expanding our
liquidity and protecting investment grade credit ratings. It's
great to see this effort recognised by S&P. We will continue to
work hard to restore our A- rating in the medium term, and for this
to happen the regulator must also deliver on its duties to ensure
Heathrow remains financeable. S&P's conclusions are unequivocal
- It is now time for the CAA to protect ratings by providing a RAB
adjustment and rebalancing urgently investors' risks and
reward."
Heathrow published its full year 2020 financial results on 24
February 2021 and forecasts no covenant breach in 2021.
For investor enquiries please contact Christelle Lubin on +44
7764 805 761
For media enquiries please contact Weston Macklem on +44 7525
825 516
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(END) Dow Jones Newswires
March 05, 2021 04:39 ET (09:39 GMT)
Heathrow Fin 25 (LSE:10FX)
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から 8 2024 まで 9 2024
Heathrow Fin 25 (LSE:10FX)
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から 9 2023 まで 9 2024