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Heathrow (BBB+): Macquarie Evaluating

TRANSPORTATION
  • Ferrovial look to continue to sell down their stake having done a partial sale last year.
  • Macquarie could bid for 60% of the company including Ferrovial’s 25%.
  • Transaction would be no surprise. Likely credit neutral for Heathrow.
  • Mild credit positive for Ferrovial. Deleveraging will be limited with the company targeting infrastructure investments in the US.

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