Moody’s: Sydney Airport Finance view to positive

Moody's Investors Service said it revised the outlook on Sydney Airport Finance Co. Pty Ltd.'s senior secured ratings to positive from stable and affirmed its Baa2 senior secured debt rating and bank credit facility, as well as the Baa2 senior secured medium-term note program.

Sydney Airport Finance is a wholly owned subsidiary of Sydney Airport Corp. Ltd., and is the financing vehicle for the airport. Sydney Airport Corp. is ultimately wholly owned by ASX-listed, Sydney Airport.

Sydney Airport Corp. operates Sydney Airport, Australia's largest commercial airport and gateway to Australia's largest city. The airport handled around 42 million passengers in 2016, or about 26% of all commercial air passengers in Australia.

"The change in outlook to positive reflects the increased visibility around Sydney Airport's capital structure, following the airport's announcement that it will not exercise its right of first refusal over the Western Sydney Airport," Moody’s senior vice president Arnon Musiker said in a news release.

"The potential for Sydney Airport to participate in the construction of the Western Sydney Airport was a threat to its long-term credit profile, and today's decision provides greater clarity around Sydney Airport's capital structure over the longer-term."

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