Fitch revises Sydney Airport Finance outlook to stable

Fitch Ratings said it affirmed Sydney Airport Finance Co. Pty. Ltd.'s and Southern Cross Airports Corp. Pty. Ltd.'s senior secured bank debt and bonds at BBB and changed the outlook to stable from positive.

The outlook revision reflects Fitch's view that the pace of deleveraging will be slower than previously expected. This is based on the agency's assessment that Sydney Airport could have difficulty in achieving its medium-term passenger growth forecasts given the harsh global economic environment and particularly reduced economic growth in India and China.

The affirmation of the BBB rating takes into account Sydney Airport's strong asset profile, as seen by its long-term resilience and growth in passenger numbers, notwithstanding recent volatility, the agency said.

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