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S&P Credit Research1507 word report
published Feb 24, 2008
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$175.00 available for immediate download
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S&P Credit Research
| Abstract: | The rating on Macquarie Airports (MAp) reflects: the reliable dividend receipts and underlying cash flow from MAp's investments; business and financial risk policies that are supportive of maintaining the rating; and the significant collateral support benefiting MAp's Tradable Interest-bearing Convertible Equity Trust Securities (TICkETS). These strengths are offset by: the potential for cash flow lock-up at the airport operating companies; the complex group and security structure; and MAp's moderately aggressive growth appetite. The strong-to-satisfactory business risk profiles of MAp's assets translated into strong results for year ended Dec. 31, 2007. The company reported a 7.5% increase in proportionate consolidated pro-forma earnings before interest, tax, depreciation, and amortization (EBITDA) in 2007, compared with the previous corresponding period. The solid growth is
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Macquarie Airports (MAp) Publication date: 24-Feb-2008 Primary Credit Analyst: Tammy Garay, Melbourne (61) 3 9631 2039; tammy_garay@standardandpoors.com Secondary Credit Analyst: Philip Grundy,...
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| Report Type: | Summary
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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.
Also from S&P Credit Research
- MAp Airports Rating Affirmed And Withdrawn Following Full Redemption Of TICkETS $100.00
MELBOURNE (Standard&Poor's) Feb. 1, 2010--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB-' long-term issuer credit rating on MAp Airports (MAp). The rating and stable outlook were subsequently withdrawn at the request ...
- Bulletin: Macquarie Airports Ratings Unaffected By Proposal To Buy Management Rights $100.00
MELBOURNE (Standard&Poor's) July 24, 2009--Standard&Poor's Ratings Services said today that its 'BBB-' long-term corporate credit rating and stable outlook on Macquarie Airports (MAp) are not affected by the today's announcement of the proposal ...
- Summary: Macquarie Airports (MAp) $175.00
The rating on Macquarie Airports (MAp), an Australian-based investor in airports, is underpinned by our view of the credit quality of the fund's investments and the relative reliability of dividend receipts and underlying cash flow derived ...
- Macquarie Airports TICkETS Rtg Lowered To 'A+' On Downgrade Within Collateral Security Pool $100.00
MELBOURNE (Standard&Poor's) Dec. 23, 2008--Standard&Poor's Ratings Services today said that it had lowered the ratings on Macquarie Airports' (MAp; BBB-/Stable/--) A$760.45 million tradable interest-bearing convertible equity trust securities ...
- Macquarie Airports (MAp) $400.00
Quality of cash flow from airport investments Strong balance-sheet position following TICkETS defeasance Quality and experience of management, and policies that are supportive of maintaining credit quality Sector concentration and high cash-flow ...
- Summary: Macquarie Airports (MAp) $175.00
The rating on Macquarie Airports (MAp), an Australian-based investor in airports, reflects our view of the reliability of dividend receipts and underlying cash flow derived from MAp's investments; the full defeasance of MAp's only debt obligation—Tradable ...
- Macquarie Airports TICkETS Rating Raised To 'AA-' On Completion Of Defeasance; MAp Affirmed $100.00
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 ...
- MAp Rating Cut To 'BBB-' On Asset Concentration, Outlook Stable; TICkETS On Watch Positive $100.00
MELBOURNE (Standard&Poor's) Aug. 20, 2008--Standard&Poor's Ratings Services today said that it had lowered its corporate credit rating on Macquarie Airports (MAp) to 'BBB-', from 'BBB', following the fund's announcement to divest 50% of its ...
