Moody’s trims Heathrow Finance

Moody’s Investors Service said it downgraded to Ba2 from Ba1 the corporate family rating of Heathrow Finance plc.

Concurrently, Moody’s also downgraded to Ba3-PD from Ba2-PD the probability of default rating and to B1 from Ba3 the senior secured debt ratings.

“The rating downgrade reflects a persistently difficult operating environment for Heathrow airport as evidenced by the weaker than anticipated pace of passenger demand recovery due to travel restrictions and quarantine measures in 2020, and Moody’s expectation that the breadth and severity of the coronavirus outbreak will lead to slower than previously anticipated traffic recovery,” Moody’s said in a press release.

The outlook on the ratings remains negative.

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