Fitch affirms Airports Co.

Fitch Ratings said it affirmed Airports Co. South Africa Ltd.'s national long-term rating at AA-(zaf) and national short-term rating at F1+(zaf), along with the AA-(zaf) rating on its ZAR 12 billion domestic medium-term note program.

The outlook is stable.

The stable outlook reflects expectations that the company's credit profile will continue to improve over the medium term and that financial parameters will revert to levels consistent with a AA-(zaf) rating, Fitch said.

The current financial position should improve as regulatory tariffs become more reflective of operational costs over the next three years to 2012, the agency said, and traffic volumes improve following improved levels of domestic economic activity in 2011.

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