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Royal Schiphol (LUCSHI; A2/A Pos) Fundamentals

TRANSPORTATION

We will leave FV unch balancing BS positive governance (it's targeting A1/A+) and better standalone rating vs. Avinor with 1) €1b+/yr in capex which should see more frequent visits (says prefunded next years capex) 2) 3yr tariff reset coming up next year bringing some near-term financial/rating uncertainty 3) smaller scale 4) majority airline exposure to currently weak Air-France group.


€600m 12Y IPT MS+115a vs. FV 110 (5bp NIC)

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We will leave FV unch balancing BS positive governance (it's targeting A1/A+) and better standalone rating vs. Avinor with 1) €1b+/yr in capex which should see more frequent visits (says prefunded next years capex) 2) 3yr tariff reset coming up next year bringing some near-term financial/rating uncertainty 3) smaller scale 4) majority airline exposure to currently weak Air-France group.


€600m 12Y IPT MS+115a vs. FV 110 (5bp NIC)

Keep reading...Show less