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Moody's rates Heathrow Finance notes Ba3
Moody's Investors Service said it assigned a Ba3 (LGD 5) rating to the new £275 million 3 7/8% senior secured notes due in 2027 to be issued by Heathrow Finance plc.
The agency also said it affirmed the Ba1 corporate family rating, Ba2-PD probability of default rating, Ba3 ratings on its £263 million 5 3/8% senior secured notes due in September 2019 and the £250 million 5¾% senior secured notes due in March 2025.
The outlook is stable.
The only asset of Heathrow Finance is its shares in Heathrow (SP) Ltd., Moody's explained.
The proceeds from the new notes are expected to be used to repay existing indebtedness of the company or one of its holding companies, ADI Finance 2, the agency said.
The ratings reflect an expectation that the company will maintain a financial profile commensurate with the current ratings, driven by robust passenger traffic growth, Moody's said.
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