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Airport operator BAA Plc has announced that it plans to back a sale of bonds by pledging US$15.7 billion in assets at Heathrow, Gatwick and Stansted airports. The company will sell the securities in the next two months to help pay for debt that funded its acquisition last year by an investment group headed by Spanish Grupo Ferrovial. “This will be the biggest-ever corporate securitization,” Standard & Poor’s head of infrastructure finance Michael Wilkins told a reporter for Bloomberg. “We expect to announce our preliminary ratings by March, just when they start marketing the bonds.” Wilkins said that S&P could give its highest AAA rating to some of the notes, which will be backed by an insurer. |
