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S&P affirms Heathrow rating

By BFN News | 01:40 PM | Friday 05 March, 2021

Credit rating agency S&P has affirmed Heathrow Funding Limited's investment grade ratings at BBB+ for Class A debt and BBB- for Class B debt. Both ratings were taken off CreditWatch where they had been since May 2020 and moved to negative outlook. S&P highlighted the swift mitigating actions Heathrow has taken to reduce its cash burn, protect its covenants, and the airport's strong liquidity position as key drivers for the improvement in outlook. Heathrow has sufficient financial cover for the next 18-24 months after achieving nearly £400 million of gross operating savings, cancelling or deferring £700 million of capital expenditure and completing a £600 million capital injection to protect investors. Heathrow CEO Javier Echave said: "COVID-19 has presented unprecedented challenges, and over the past year we've been focussed on taking swift action to protect the business. We've made great strides in cutting costs and making the airport more efficient and competitive while expanding our liquidity and protecting investment grade credit ratings. It's great to see this effort recognised by S&P." Story provided by

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