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S&P Credit Research815 word report
published Nov 11, 2008
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S&P Credit Research
| Abstract: | MELBOURNE (Standard&Poor's) Nov. 12, 2008--Standard&Poor's Ratings Services today said that it had raised its issue credit rating on Macquarie Airports' (MAp; BBB-/Stable/--) tradable interest-bearing convertible to equity trust securities (TICkETS) to 'AA-' from 'BBB' following the completion of the legal defeasance of the TICkETS securities. At the same time, the rating was removed from CreditWatch with positive implications, where it was placed on Aug. 20, 2008. The corporate credit rating on MAp was affirmed; the outlook is stable. "The rating upgrade on the TICkETS reflects the full defeasance of the debt-like securities against the security trust, TICkETS Defeasance Trust (TDT), which comprises highly rated investments that are fully charged for the benefit of the TICkETS holders,"
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| Brief Excerpt: | RESEARCH Ratings Definitions Macquarie Airports TICkETS Rating Raised To '##-' On Completion Of Defeasance; MAp Affirmed Publication date: 11-Nov-2008 Primary Credit Analyst: Tammy Garay, Melbourne (61) 3 9631 2039; tammy_garay@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | MAP@AU
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| Issuer: | Macquarie Airports (MAp)
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| GICS: | Airport Services (20305010)
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| Sector: | Aerospace & Defense, Corporations, Global Issuers
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| Country: | Australia
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| Region: | Pacific
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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