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Heathrow (BBB+): Regulatory Cap Cuts

TRANSPORTATION


  • The CAA is considering lowering the passenger levy in 2025 and 2026.
  • The levy has been reduced for 2024, its not clear how much further was expected.
  • Possibly an unwelcome headwind for FERSM’s sale of its equity stake.
  • HTHROW and FERSM spreads are broadly unchanged today.

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