Gatwick Funding Limited Credit Rating Update (0575T)
15 7월 2020 - 3:00PM
UK Regulatory
TIDM79IU
RNS Number : 0575T
Gatwick Funding Limited
15 July 2020
Gatwick Funding Limited
15 July 2020
Issuer: Gatwick Funding Limited
Date: 15 July 2020
Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)
Credit rating update
Credit rating agency Standard & Poor's has completed a
further review of Gatwick Funding Limited's Class A debt and has
maintained its investment grade rating of BBB but has assigned it
CreditWatch negative from Outlook negative. The agency cites that
there remains uncertainty about the pace, extent, and timing of air
travel recovery.
Gatwick traffic data for Q2 2020 will be published 16 July 2020
(at 5:45 pm CET) as part of the VINCI Airports quarterly traffic
update (
https://www.vinci.com/vinci.nsf/en/press-releases/pages/index.htm
).
Gatwick is currently preparing its half-year results and
accompanying compliance certificate, which will provide updated
forecasts of its financial covenant ratios. These are planned to be
published in August. In the meantime, Gatwick has continued to take
necessary and appropriate steps to safeguard the financial
resilience of the business by reducing operating costs and capital
expenditure, both in the near term but also to re-position the
business for the future. Gatwick held cash on its balance sheet of
GBP326.6m as at 30 June and has a committed GBP150m Liquidity
Facility for debt service.
Gatwick Funding Limited's Class A debt is also rated by Fitch
rating agency at BBB+; Outlook Negative and Moody's rating agency
at Baa1; Outlook negative.
https://www.standardandpoors.com/en_US/web/guest/article/-/view/type/HTML/id/2477999
END
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END
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July 15, 2020 02:00 ET (06:00 GMT)
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