Australia Pacific Airports (Melbourne) Pty Ltd.#s A$200 Million Medium-Term Note Rated #A-#

Stocks and Financial Services Press Releases Wednesday November 2, 2016 17:07
SYDNEY--2 Nov--S&P Global Ratings

SYDNEY (S&P Global Ratings) Nov. 2, 2016--S&P Global Ratings today said that it had assigned its 'A-' long-term debt rating to the new A$200 million fixed-rate medium-term note due 2026 issued by Australia Pacific Airports Corp. Ltd.'s (APAC; A-/Stable/--) wholly owned subsidiary, Australia Pacific Airports (Melbourne) Pty Ltd. (APAM; A-/Stable/--), which owns and operates Melbourne Airport.

The rating on APAC reflects our expectation that the company will continue to derive benefits from its near-monopoly position in operating Victoria's dominant international and domestic airport.

It further reflects our expectation that the company will maintain its key ratio of funds from operations to debt above 10%. RELATED CRITERIA General Criteria: Use of CreditWatch and Outlooks, Sept 14 2009General Criteria: Group Rating Methodology, Nov. 19 2013Methodology And Assumptions: Liquidity Descriptors for Global Corporate Issuers, Dec. 16, 2014Methodology: Industry Risk, Nov. 19, 2013 Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 Corporate Methodology, Nov. 19, 2013 Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013Key Credit Factors For The Transportation Infrastructure Industry, Nov. 19, 2013Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 20122008 Corporate Criteria: Rating Each Issue, April 15, 2008Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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