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Moody's rates BAA notes Ba3
Moody's Investors Service said it assigned a definitive Ba3 rating to the £325 million 7.125% senior secured notes due 2017 to be issued by BAA (SH) plc, along with a definitive Ba1 corporate family rating and a definitive Ba2 probability of default rating.
The 35% family-wide loss given default assumption and its LGD 5, 85% loss given default assessment were affirmed.
The outlook is stable.
The ratings reflect the group's ability to honor its financial obligations, Moody's said.
The notes' rating reflects the structural subordination of the BAA SH notes in the group structure, the agency added.
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