Fitch rates TAV Holding, notes BB

Fitch Ratings said it assigned expected BB ratings to TAV Havalimanlari Holding AS (TAVH) and its planned $400 million of five-year fixed-rated senior unsecured notes. The outlook is stable.

“The rating reflects TAVH's diversified portfolio of assets, its solid financial metrics and expected support from its parent company Aeroports de Paris SA (ADP; BBB+/stable),” Fitch said in a press release. ADP is not guaranteeing the debt, but the agency said it considers TAVH a strategic asset.

TAVH also guarantees about €872.5 million and €156 million of bridge loans for its airports in Antalya and in Ankara, Turkey, both outstanding on a pro-rata basis, respectively, which are included in Fitch-adjusted net debt.

“Under Fitch base case (FBC) and Fitch rating case (FRC), the projected proportional consolidated net debt/EBITDA reaches 5x and 5.7x, respectively, in 2024, before falling to 2.8x and 3.8x by end-2027, after the completion of the investment plan,” Fitch said.

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