BAA's 'Baa2' senior unsecured bonds rating maintained, still on review - Moody's |
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Mon, 22 Oct 2007 18:32
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MUMBAI (Thomson Financial) - Moody's Investors Service said it is maintaining the existing 'Baa2' rating of the senior unsecured bonds issued by BAA Ltd, and that the rating remains on review for possible downgrade.The rating review was first initiated on April 10, 2006 when Airport Development and Investment Ltd (ADIL)had made a cash offer to purchase BAA.ADIL subsequently completed the acquisition of BAA on August 15, 2006 using bank finance to partially fund the purchase.ADIL was a consortium led by Grupo Ferrovial SA, one of Spain's largest construction and contracting companies.The 'Baa2' rating is predicated on the assumption that BAA executes a ring-fenced financing of its London airports that will incorporate a transfer of the rated bonds into the ring-fenced structure, and that the credit profile of the rated bonds in the Ring-Fenced Financing will be commensurate with either a 'Baa2' or 'Baa3' rating, Moody's said.If this is not achieved, and absent any particular credit enhancements provided to the rated bonds, Moody's would see the rating of the rated bonds in the 'Ba' rating category.Moody's is maintaining the ratings on review for downgrade pending the conclusion of a Ring-Fenced Financing.tfn.newsdesk@thomson.comnet/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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American Water senior unsecured issuer ratings downgraded to 'Baa2' - Moody's 