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TRANSPORTATION: Milan Airports parent 7Y FV (x2)

TRANSPORTATION

(SEASPA; NR/A-) (private; City of Milan holds 55%)

An interesting deal; smaller by passenger numbers but low levered, middle-of-the-pack margins with a somewhat favourable regulatory framework. Well diversified by airline and revenue stream. We ignore the single €25s given it traded without ratings. Headroom on leverage means we would not rule out a revisit.

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(SEASPA; NR/A-) (private; City of Milan holds 55%)

An interesting deal; smaller by passenger numbers but low levered, middle-of-the-pack margins with a somewhat favourable regulatory framework. Well diversified by airline and revenue stream. We ignore the single €25s given it traded without ratings. Headroom on leverage means we would not rule out a revisit.

Keep reading...Show less