S&P rates Domodedovo Airport BB+/B

Standard & Poor's said it assigned its BB+/B long- and short-term corporate credit ratings to Domodedovo International Airport CJSC, an operating subsidiary of Russian airport operator DME Ltd.

The outlook is stable.

At the same time, the agency affirmed its BB+/B long- and short-term corporate credit ratings on DME and fully owned subsidiary Hacienda Investments Ltd. it also affirmed the BB+ issue rating on the loan participation notes issued by special-purpose vehicle DME Airport Ltd. The pass-through loan has a recovery rating of 3.

S&P said the long-term rating on Domodedovo reflects that on DME, because it sees Domodedovo as being a core subsidiary of its parent. The agency bases this view on the fact that Domodedovo is 100% owned by DME and that Domodedovo serves as a guarantor for the group's liabilities under the syndicated loan facility and the eurobond issue. Eurobond documentation stipulates the cross-default of liabilities.

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