Manchester Airport Group Funding Plc — Moody’s announces completion of a periodic critique of rankings of Manchester Airport Team Funding Plc

Announcement of Periodic Evaluation: Moody’s announces completion of a periodic evaluation of ratings of Manchester Airport Group Funding Plc

World Credit score Exploration – 22 Jan 2021

London, 22 January 2021 — Moody’s Investors Service (“Moody’s”) has concluded a periodic critique of the rankings of Manchester Airport Group Funding Plc and other rankings that are associated with the exact same analytical device. The overview was performed via a portfolio critique discussion held on 19 January 2021 in which Moody’s reassessed the appropriateness of the rankings in the context of the relevant principal methodology(ies), modern developments, and a comparison of the financial and functioning profile to likewise rated friends. The assessment did not entail a rating committee. Considering that 1 January 2019, Moody’s practice has been to problem a press release following each periodic assessment to announce its completion.

This publication does not announce a credit history rating motion and is not an sign of whether or not or not a credit history ranking motion is probable in the near long term. Credit rating rankings and outlook/review standing are not able to be improved in a portfolio review and as a result are not impacted by this announcement. For any credit history rankings referenced in this publication, be sure to see the rankings tab on the issuer/entity webpage on www.moodys.com for the most up-to-date credit score rating action facts and rating heritage.

Key rating issues are summarized underneath.

Manchester Airport Team Funding Plc (MAGF), a finance business owned by the Manchester Airport Team Plc (Magazine), is the entity issuing bonds within the team. The Baa1 rating of the notes issued by MAGF is underpinned by (1) the toughness of catchment places serviced by MAG’s key airports, Manchester and Stansted (2) a well balanced and diversified traffic profile, with the vast majority of website traffic with other European nations around the world (3) an expectation of a reduction in the group’s leverage to the amounts commensurate with the existing rankings by 2023-24 (4) extremely sturdy liquidity and (5) the supportive mother nature of its house owners as effectively as financing construction. These favourable credit score components are tempered by (1) a somewhat superior concentration of airways, with a specific reliance of London Stansted on Ryanair and (2) the risks associated with the coronavirus outbreak, which has resulted in a severe reduction in passenger website traffic, with uncertain recovery potential clients.

This document summarizes Moody’s view as of the publication date and will not be updated until eventually the future periodic evaluate announcement, which will include materials alterations in credit conditions (if any) throughout the intervening period of time.

The principal methodology applied for this evaluation was Privately Managed Airports and Linked Issuers printed in September 2017. Make sure you see the Score Methodologies webpage on www.moodys.com for a copy of this methodology.

This announcement applies only to EU rated, Uk rated, EU endorsed and Uk endorsed rankings. Non EU rated, non Uk rated, non EU endorsed and non United kingdom endorsed rankings may possibly be referenced higher than to the extent necessary, if they are section of the exact analytical device.

This publication does not announce a credit history score motion. For any credit rankings referenced in this publication, remember to see the ratings tab on the issuer/entity web site on www.moodys.com for the most up to date credit history rating motion details and ranking background.

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