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TRANSPORTATION: Avinor; S&P upgrade (x2)

TRANSPORTATION
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(AVINOR; A1/A+ now)
(Norway state owned; Aaa/AAA)

  • Upgrade was to baseline rating, now at BBB flat with a 4-notch uplift (identical to Moody's).
  • Move was after government agreed to boost charges from Feb of this year. That was in reaction to earnings failing to meet regulatory return benchmarks last year.
  • Avinor operates on single-till (all revenue included in tariff calcs), carries 51m passengers operating 43/46 airports in the country (reasonably sized) but is lower margin than most issuing peers (25% on EBITDA over 1H).
  • Raters see high likelihood of extraordinary support from government if needed.
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(AVINOR; A1/A+ now)
(Norway state owned; Aaa/AAA)

  • Upgrade was to baseline rating, now at BBB flat with a 4-notch uplift (identical to Moody's).
  • Move was after government agreed to boost charges from Feb of this year. That was in reaction to earnings failing to meet regulatory return benchmarks last year.
  • Avinor operates on single-till (all revenue included in tariff calcs), carries 51m passengers operating 43/46 airports in the country (reasonably sized) but is lower margin than most issuing peers (25% on EBITDA over 1H).
  • Raters see high likelihood of extraordinary support from government if needed.