Moody’s rates Airports Co. South Africa Baa2/A2.za

Moody's Investors Service said it assigned a Baa2 issuer rating and A2.za national scale rating to Airports Co. South Africa Ltd.

The outlook is stable.

Moody’s said the Baa2/A2.za ratings are supported by Airports Co.’s: (a) Ownership of a network of key infrastructure assets, with a monopolistic position in international scheduled traffic and a dominant position (more than 90%) of domestic scheduled traffic in South Africa; (b) strong and diverse service area, which includes all major conurbations in South Africa; (c) well-invested and appropriately dimensioned asset base, which benefited from large investments in the lead up to the 2010 FIFA World Cup; and (d) moderately levered financial profile and a reasonably conservative financial policy.

The ratings also include a one-notch rating uplift for the likelihood of extraordinary support being provided by the government of South Africa, the agency said.

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