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Gatwick Funding (GATAIR Secured; Baa2 Pos/BBB+ (now)/BBB+) S&P upgrade

TRANSPORTATION

  • S&P with a 1-notch upgrade to Gatwick Funding class A bonds (ring-fenced, secured).
  • Seems financial policy during downturn has driven upgrade; notes £345m equity injection it used to pay down debt.
  • Reminder it is out of dividend lock-up now and S&P has assumed a restart. It sees this limiting any upside rating potential.
  • Aviation regulator expected to make some decisions on Gatwick's framework (pricing & runway expansion) by the end of this year. It still sees Gatwick's framework (for charging airlines) as one of the more flexible among regulated airports.
  • Note Capex is expected to increase to £400-500m/yr towards 2029 as it expands the northern runway.

Background: Gatwick is London's 2nd largest airport owned (in slight majority) by Vinci (A3/A-) and GIP (PE). It is nearly half exposed to passengers using budget carrier EasyJet (Baa2/BBB Pos).

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