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S&P Credit Research1273 word report
published Jul 02, 2009
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S&P Credit Research
| Abstract: | 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 from those investments. The rating also reflects the full defeasance of MAp's only debt obligation—Tradable Interest-bearing Convertible to Equity Trust Securities (TICkETS; A+)—in 2008; our expectation that MAp will not be taking on additional corporate level debt in the foreseeable future; and the quality and experience of MAp's management team. These strengths are offset to some degree by the fund's concentration in the airport sector; the proportion of total cash flow (over 66%) derived from airport-operating companies rated 'BBB-' or unrated; and the aggressive
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Macquarie Airports (MAp) Publication date: 02-Jul-2009 Primary Credit Analyst: Philip Grundy, Melbourne (61) 3-9631-2063; philip_grundy@standardandpoors.com Secondary Credit Analyst: Chris Cudsi,...
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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: | 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 ...
- 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 ...
- 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 ...
