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 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 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 for the most up to date credit history rating motion details and ranking background.

Joanna Fic Senior Vice President Task & Infrastructure Finance Moody's Investors Provider Ltd. 1 Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Consumer Support: 44 20 7772 5454 Andrew Blease Affiliate Handling Director Venture & Infrastructure Finance JOURNALISTS: 44 20 7772 5456 Client Provider: 44 20 7772 5454 Releasing Business: Moody's Traders Support Ltd. 1 Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Shopper Support: 44 20 7772 5454

© 2021 Moody’s Corporation, Moody’s Investors Company, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

Credit score Scores ISSUED BY MOODY’S Credit Rankings Affiliates ARE THEIR Current Viewpoints OF THE RELATIVE Long term Credit Risk OF ENTITIES, Credit score COMMITMENTS, OR Credit card debt OR Credit card debt-LIKE SECURITIES, AND Elements, Products and solutions, Expert services AND Info Printed BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) May Include This sort of Current Opinions. MOODY’S DEFINES Credit history Danger AS THE Hazard THAT AN ENTITY May possibly NOT Meet up with ITS CONTRACTUAL Economical OBLIGATIONS AS THEY Appear Due AND ANY Estimated Financial Decline IN THE Function OF DEFAULT OR IMPAIRMENT. SEE Applicable MOODY’S Score SYMBOLS AND DEFINITIONS PUBLICATION FOR Info ON THE Sorts OF CONTRACTUAL Economical OBLIGATIONS Resolved BY MOODY’S Credit rating Rankings. Credit rating Scores DO NOT Handle ANY OTHER Chance, Which includes BUT NOT Limited TO: LIQUIDITY Danger, Market place Value Possibility, OR Price tag VOLATILITY. Credit rating Rankings, NON-Credit ASSESSMENTS (“ASSESSMENTS”), AND OTHER Views Bundled IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF Present-day OR Historical Reality. MOODY’S PUBLICATIONS May well ALSO Consist of QUANTITATIVE Design-Centered ESTIMATES OF Credit Risk AND Related Viewpoints OR COMMENTARY Printed BY MOODY’S ANALYTICS, INC. AND/OR ITS Affiliates. MOODY’S Credit rating Rankings, ASSESSMENTS, OTHER Thoughts AND PUBLICATIONS DO NOT Constitute OR Provide Investment decision OR Fiscal Information, AND MOODY’S Credit rating Rankings, ASSESSMENTS, OTHER Thoughts AND PUBLICATIONS ARE NOT AND DO NOT Give Recommendations TO Purchase, Market, OR Hold Particular SECURITIES. MOODY’S Credit rating Scores, ASSESSMENTS, OTHER Thoughts AND PUBLICATIONS DO NOT Remark ON THE SUITABILITY OF AN Investment decision FOR ANY Individual Investor. MOODY’S Difficulties ITS Credit Scores, ASSESSMENTS AND OTHER Views AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND Knowing THAT Each and every Trader WILL, WITH Thanks Treatment, MAKE ITS Possess Study AND Evaluation OF Just about every Safety THAT IS Less than Consideration FOR Acquire, Keeping, OR SALE.


ALL Information and facts CONTAINED HEREIN IS Shielded BY Legislation, Which include BUT NOT Confined TO, COPYRIGHT Legislation, AND NONE OF These Information May BE COPIED OR Or else REPRODUCED, REPACKAGED, Even more TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR Stored FOR SUBSEQUENT USE FOR ANY This sort of Function, IN Whole OR IN Component, IN ANY Sort OR Way OR BY ANY Suggests In any respect, BY ANY Person With out MOODY’S PRIOR Published CONSENT.


All data contained herein is attained by MOODY’S from resources thought by it to be exact and dependable. For the reason that of the chance of human or mechanical mistake as nicely as other elements, however, all data contained herein is supplied “AS IS” without having warranty of any type. MOODY’S adopts all vital actions so that the data it uses in assigning a credit history ranking is of adequate high quality and from sources MOODY’S considers to be reputable which includes, when acceptable, impartial 3rd-occasion resources. On the other hand, MOODY’S is not an auditor and simply cannot in each individual instance independently confirm or validate data acquired in the rating course of action or in making ready its Publications.

To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, associates, licensors and suppliers disclaim legal responsibility to any individual or entity for any indirect, special, consequential, or incidental losses or damages in anyway arising from or in relationship with the details contained herein or the use of or inability to use any these kinds of details, even if MOODY’S or any of its directors, officers, personnel, agents, representatives, licensors or suppliers is recommended in advance of the probability of these kinds of losses or damages, including but not restricted to: (a) any decline of current or potential revenue or (b) any reduction or hurt arising exactly where the appropriate economic instrument is not the topic of a specific credit rating score assigned by MOODY’S.

To the extent permitted by legislation, MOODY’S and its directors, officers, workers, agents, associates, licensors and suppliers disclaim legal responsibility for any immediate or compensatory losses or damages triggered to any man or woman or entity, such as but not constrained to by any negligence (but excluding fraud, willful misconduct or any other kind of liability that, for the avoidance of doubt, by regulation are not able to be excluded) on the aspect of, or any contingency inside of or further than the handle of, MOODY’S or any of its administrators, officers, staff, brokers, associates, licensors or suppliers, arising from or in connection with the facts contained herein or the use of or inability to use any this kind of data.

NO Guarantee, Convey OR IMPLIED, AS TO THE Precision, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR Conditioning FOR ANY Certain Intent OF ANY Credit Score, Evaluation, OTHER Opinion OR Details IS Offered OR Produced BY MOODY’S IN ANY Sort OR Fashion In any way.

Moody’s Investors Company, Inc., a wholly-owned credit ranking company subsidiary of Moody’s Company (“MCO”), hereby discloses that most issuers of personal debt securities (like company and municipal bonds, debentures, notes and business paper) and desired inventory rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit score ranking, agreed to shell out to Moody’s Investors Provider, Inc. for credit score ratings thoughts and expert services rendered by it service fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Traders Company also retain guidelines and procedures to address the independence of Moody’s Buyers Support credit history ratings and credit rating ranking processes. Data concerning specific affiliations that may possibly exist involving directors of MCO and rated entities, and concerning entities who hold credit history ratings from Moody’s Investors Assistance and have also publicly claimed to the SEC an ownership fascination in MCO of a lot more than 5%, is posted annually at less than the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Coverage.”

More conditions for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Services Pty Confined ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be offered only to “wholesale clients” within just the meaning of portion 761G of the Businesses Act 2001. By continuing to access this doc from in just Australia, you signify to MOODY’S that you are, or are accessing the document as a consultant of, a “wholesale client” and that neither you nor the entity you symbolize will instantly or indirectly disseminate this document or its contents to “retail clients” in the that means of part 761G of the Companies Act 2001. MOODY’S credit rating ranking is an viewpoint as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of protection that is available to retail traders.

Added terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit history score agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit history rating company subsidiary of MJKK. MSFJ is not a Nationally Regarded Statistical Ranking Group (“NRSRO”). Hence, credit score scores assigned by MSFJ are Non-NRSRO Credit history Scores. Non-NRSRO Credit history Rankings are assigned by an entity that is not a NRSRO and, therefore, the rated obligation will not qualify for selected sorts of procedure less than U.S. laws. MJKK and MSFJ are credit rating rating businesses registered with the Japan Money Solutions Agency and their registration figures are FSA Commissioner (Scores) No. 2 and 3 respectively.

MJKK or MSFJ (as relevant) hereby disclose that most issuers of credit card debt securities (like corporate and municipal bonds, debentures, notes and business paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, prior to assignment of any credit history ranking, agreed to pay back to MJKK or MSFJ (as relevant) for credit score scores opinions and services rendered by it fees ranging from JPY125,000 to around JPY550,000,000.

MJKK and MSFJ also manage insurance policies and techniques to address Japanese regulatory necessities.