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S&P Credit Research1479 word report
published Nov 14, 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), 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 Interest-bearing Convertible to Equity Trust Securities (TICkETS; issue rating AA-); the quality and experience of the fund's management team; and its policies, which are supportive of maintaining the credit profile. These strengths are offset to some degree by the fund's concentration on the airport sector, with a reliance on cash flow (over 70%) sourced from airport-operating companies rated 'BBB-' or unrated; the aggressive capital structures at the majority of MAp's investments, which heighten the potential for cash-flow lock-up at the asset level, particularly during
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Macquarie Airports (MAp) Publication date: 14-Nov-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
- 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 ...
- 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 ...
- Research Update: Macquarie Airports Rating Lowered To 'BBB-' On Asset Concentration; Outlook Stable $175.00
On Aug. 20, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on Macquarie Airports (MAp) to 'BBB-', from 'BBB', following the fund's announcement to divest 50% of its stake in Copenhagen and Brussels airports. The ...
- Summary: Macquarie Airports (MAp) $175.00
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 ...
