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Fitch rates BAA (SH) notes BB+
Fitch Ratings said it assigned BAA (SH) plc's £250 million to £325 million notes, expected to be due in the first quarter of 2017, an expected rating of BB+.
The outlook is stable.
The final rating is contingent on the receipt of final documents conforming to information already received.
The expected rating addresses the ability of BAA (SH) to service and repay its senior secured debt, including the prospective bond via regular cash payments from BAA (SP) Ltd., Fitch said.
The rating reflects the subordinated position of BAA (SH) creditors below those of BAA (SP) and the reliance of BAA (SH) on cash distributions from its subsidiary, which could be halted in extreme circumstances, the agency said.
It also considers the modest refinancing risk facing BAA (SH) at the bond's maturity date in 2017, Fitch said, and when the two tranches of its bank facility reach maturity in one and five years, respectively.
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