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Fitch rates Heathrow bonds BB+
Fitch Ratings said it assigned a final BB+ rating to Heathrow Finance plc’s new £250 million high-yield bonds.
Fitch also said it affirmed Heathrow Funding Ltd.’s class A and B bonds at A- and BBB, respectively, along with Heathrow Finance’s existing high-yield bonds at BB+.
The outlook is stable.
The ratings reflect London Heathrow airport’s on-going solid operational performance and lower-than-expected cost of debt, notably since the agency’s last review in June 2014, Fitch said.
The proceeds of the new issuance will be used to refinance some of the existing term loan at Heathrow Finance and for general corporate purposes, the agency said.
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