Under Fitch's rating case (FRC) Aena's net debt to EBITDA reduces to 2.2x by end-2020 and to 1.7x by 2022.
Aena's rating case forecast five-year average net debt to EBITDA at 2.2x is lower than those of Aeroporti di Roma (ADR), Gatwick Funding Limited and Manchester Airports Group Funding PLC (MAG; all rated 'BBB+') due to its significant expected deleveraging.
AENA sell off to raise e1/44 billion as strike called off
State-owned AENA, the world's biggest airport operator by passengernumbers,on Tuesdaypriced shares in its inital public offering at e1/458 per share, valuing the firm at e1/48.7 billion ($9.8 billion).
Ardian is an independent private investment company, and AENA is the Spanish airports and air navigation group.
Ardian and AENA share our commitment to developing an airport that the local area can be proud of."
The study was requested by Aena and was aimed at analysing the legal basis for the government's plan to put the company into private hands.
It has previously made many attempts to privatise Aena, the last one of which failed in 2011.
The study was requested by Aena
and was aimed at analysing the legal basis for the governmenta[euro](tm)s plan to put the company into private hands.
is rated above the Spanish sovereign at 'A-' (ceiling 'AAA') to reflect its minimal reliance on local banks as we expect its capex to be funded from free cash flow, and that about 70% of traffic in its Spanish network is international.
is the world's largest airport operator by passenger numbers, withnearly 196 million traveller arrivals or departures last year.
Spokeswomen for Aena
and AXA Private Equity did not wish to comment, when contacted by the agency.