Fitch rates Gatwick Airport notes BB-

Fitch Ratings said it assigned Gatwick Airport Finance plc's (MidCo) proposed senior secured notes due 2026 an expected rating of BB- with a negative outlook.

The BB- rating reflects the structural subordination of MidCo's debt to that of the Gatwick ring-fenced group, and the current lock-up at the group level preventing dividend distributions, which is expected to last until mid-2024 in the Fitch Rating Case, Fitch said in a news release.

The rating also considers the limited visibility of Gatwick group's traffic recovery that could extend the dividend lock-up beyond 2024, the agency said.

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