654654 Airports Company South Africa
  LATEST NEWS: Previous news item Next news item  _
Flight information: +27 (0)86 727 7888  
HomeAbout ACSAFinancial informationCorporate Social InvestmentACSA and the environmentNewsContact usTender Bulletin  

Latest news

Airports Company South Africa Limited’s National Rating Review
Tuesday, January 20, 2009 | 00:00

Fitch Ratings has affirmed Airports Company South Africa Limited (ACSA)’s Short-term rating at ‘F1+(zaf)’ but regrettably downgraded the National Long-term rating from ‘AA(zaf)’ to ‘AA-(zaf)’. The Outlook for the National Long-term rating and Short-term rating remains Stable.

The long term rating downgrade reflects Fitch view which ACSA had already anticipated during the release of last year’s financial statements, that over the next two or three years, contracted capital expenditure and an expected decline in passenger numbers due to economic downturn will increase ACSA’s financial leverage beyond levels considered appropriate for its previous AA (zaf) rating. In addition, ACSA’s current regulatory regime does not remunerate the capital expenditure until they are complete and operational. Thus, the substantial capital expenditure is a burden upon the group’s financial profile.

ACSA has noted the Fitch ratings review and will continue to focus on managing the short term constraints. ACSA had already undertaken a review of the Capital Expenditure programme and postponed, where feasible, uncommitted capital projects in light of the decline in traffic profile. ACSA will complete essential 2010 related projects for efficient facilitation of the soccer world cup which is a strategic initiative for the South African government. It will also continue to drive initiatives to unlock values from existing commercial activities.

As confirmed by Fitch ratings ACSA’s credit profile supported by the long term rating of ‘AA-(zaf)’, which has taken into account the short term cyclical decline in credit profile, remains strong and solid.

Solomon Makgale
Manager Communications
Corporate Office
Airports Company South Africa

Direct: +27 (0) 11 723 1536
Fax to E-Mail: +27 (0) 86 602 0132
Cell: +27 (0) 82 781 8863
E-Mail: Solomon.Makgale@airports.co.za
Web: www.acsa.co.za
 

Categories: Business


 
News categories
Select one of the categories below to view.
•  Business RSS
•  Passengers RSS
•  Trading RSS
•  Stakeholders RSS
Archives
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
Tag cloud
 airlines   business opportunities   company   customer care   environment   facilities   financial results   flights   LAGs   new developments   operations   passengers   retail   safety   security   social investment   stakeholders   transport