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Standard & Poor's lowers long-term corporate rating on The Brussels Airport Co.


Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on The Brussels Airport Co to 'BBB' from 'BBB+'.

The ratings service said the 'A-' bank loan rating and recovery rating of '2' on the company's EUR1.135bn senior secured bank facility were withdrawn. The outlook is stable.

At the same time Standard & Poor's assigned its 'BBB' long-term corporate credit rating to Brussels Airport Holding SA/NV (BAH), a new holding company established by Brussels Airport's ultimate shareholders Macquarie Airports (Brussels) SA (MABSA) and Societe Federale de Participations et d'Investissement/Federale Participatie-en Investeringsmaatschappij (SFPI/FPIM). The outlook is stable.

Standard & Poor's also assigned its 'BBB' bank loan rating to the proposed eight-year EUR1.636bn senior secured facilities to be issued by BAH, and the facilities were assigned a recovery rating of '3'.

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Publication:Airline Industry Information
Date:Jun 26, 2007
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