Melbourne Airport's Proposed Hybrid Notes Rated 'BBB-'; Equity Content Intermediate

SYDNEY (S&P Global Ratings) May 30, 2025--S&P Global Ratings today assigned its 'BBB-' long-term issue rating to subordinated hybrid notes that Australia Pacific Airports (Melbourne) Pty Ltd. (APAM; BBB+/Stable/--), a wholly owned subsidiary of Australia Pacific Airports Corp. Ltd. (APAC; BBB+/Stable/--), proposes to issue. We have also assessed the proposed security as having intermediate equity content, which reflects the notes meeting our criteria in terms of subordination, loss absorption, and cash preservation, with optional coupon deferability of up to five years. For the proposed issuance, APAM expects to use the proceeds for general corporate purposes. The key points of our assessment of the issuance are: We rate the subordinated notes two notches below our 'BBB+' long-term issuer credit rating on

...May 29, 2025 SYDNEY (S&P Global Ratings) May 30, 2025--S&P Global Ratings today assigned its '###-' long- term issue rating to subordinated hybrid notes that Australia Pacific Airports (Melbourne) Pty Ltd. (APAM; ###+/Stable/--), a wholly owned subsidiary of Australia Pacific Airports Corp. Ltd. (APAC; ###+/Stable/--), proposes to issue. We have also assessed the proposed security as having intermediate equity content, which reflects the notes meeting our criteria in terms of subordination, loss absorption, and cash preservation, with optional coupon deferability of up to five years. For the proposed issuance, APAM expects to use the proceeds for general corporate purposes. The key points of our assessment of the issuance are:...

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