Its resilience is evidenced by its financial performance in

Posted in: Uncategorized- Apr 16, 2018 Comments Off on Its resilience is evidenced by its financial performance in

Fitch assigns ABP Finance ‘BBB

The expected ratings reflect the resilient operating profile of Associated British Ports Acquisitions Limited (ABPA, or the borrower) and its subsidiaries, underscored Canada Goose sale by a dominant position in the UK international trade market, with its business model featuring protective contractual arrangements with key customers and full flexibility with respect to price and costs. Its resilience is evidenced by its financial performance in buy canada goose jacket the economic crisis of 2007 9 where canada goose black friday sale cargo volumes passing through its ports fell by 19% while EBITDA (including associates EBITDA) fell by canada goose coats on sale only 1.4%. It also benefits from a canada goose deals well canada goose diversified customer and cargo base.

The canada goose clearance sale expected ratings also reflect the canada goose outlet toronto factory structural protection provided for secured creditors, including a security package with regard Canada Goose Coats On Sale to restrictions imposed by the 1981 Transport Act, leverage and coverage linked lock up trigger getcanadagooseoutlet and default covenants, debt maturity concentration covenants, Canada Goose online etc. Noteholders will also benefit from protection provided by the issuer borrower structure. canada goose replica However, creditors are exposed to Canada Goose Outlet hedging counterparty risk, with the ratings linked to some degree with those click over here of hedging counterparties. Furthermore, creditors are exposed to risk related to swap break options available to canada goose coats counterparties.

Fitch believes the company benefits from a strong operating profile, which would be consistent with an category port, as stipulated canadian goose jacket in its relevant criteria report, Criteria for Ports published 29 September Canada Goose Jackets 2011. However, the agency considers ABPA to be relatively highly leveraged, at least initially.

While Fitch net debt/EBITDA and minimum Fitch debt service coverage ratio metrics canada goose outlet store locations in its rating case of 8.0x and 1.44x, respectively, could be considered to be at the canada goose store lower end of the 4.0x 8.0x and 1.40x 2.50x ranges stipulated for an category port company canada goose clearance in Fitch criteria, the agency is of the opinion cheap Canada Goose that the incremental risk Canada Goose Online associated with the refinancing of the three year GBP850m bridge loan precludes 2018 canada goose outlet a rating at that level initially. Should ABPA successfully Canada Goose Parka negotiate the refinancing risk of this facility and deleverage as buy canada goose jacket cheap it expects over the next five years, Fitch may consider a positive rating action at that time.

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