Fitch changes ABP Finance to stable

Fitch Ratings said it affirmed ABP Finance plc's senior secured notes at A- and revised the outlook to stable from negative.

ABP Finance is the financing vehicle of Associated British Ports.

The agency said that, like the U.K. economy, ABP is exposed to U.K. trade flows and hence additional risks posed by continuing Brexit uncertainties.

“The revision of the outlook reflects the significant flexibility in our rating case over 2018-22, in the form of material shareholder distributions that could be flexed to meet ABP's covenant-defined net debt to EBITDA target of 6.75x,” Fitch said in a news release.

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