REG - Gatwick Funding Ltd - Credit Rating Update

Vinci SAAnnouncement

15/07/2020 08:06

RNS Number : 0575T
  
Gatwick Funding Limited
  
15 July 2020
  
 

Gatwick Funding Limited

15 July 2020    
Issuer: Gatwick Funding Limited

Date: 15 July 2020

 
Gatwick Funding Limited (the "Issuer")

a company incorporated in Jersey (registered number 107376)
Credit rating update
Credit rating agency Standard & Poor's has completed a further review of Gatwick Funding Limited's Class A debt and has maintained its investment grade rating of BBB but has assigned it CreditWatch negative from Outlook negative. The agency cites that there remains uncertainty about the pace, extent, and timing of air travel recovery.
Gatwick traffic data for Q2 2020 will be published 16 July 2020 (at 5:45 pm CET) as part of the VINCI Airports quarterly traffic update (https://www.vinci.com/vinci.nsf/en/press-releases/pages/index.htm).
Gatwick is currently preparing its half-year results and accompanying compliance certificate, which will provide updated forecasts of its financial covenant ratios. These are planned to be published in August. In the meantime, Gatwick has continued to take necessary and appropriate steps to safeguard the financial resilience of the business by reducing operating costs and capital expenditure, both in the near term but also to re-position the business for the future.  Gatwick held cash on its balance sheet of £326.6m as at 30 June and has a committed £150m Liquidity Facility for debt service.
Gatwick Funding Limited's Class A debt is also rated by Fitch rating agency at BBB+; Outlook Negative and Moody's rating agency at Baa1; Outlook negative.
https://www.standardandpoors.com/en_US/web/guest/article/-/view/type/HTML/id/2477999
 
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