HK's Airport Granted Authoritative Top Credit RatingsThe international credit rating agency Standard & Poor's has assigned an "A+" corporate credit rating and an "A" foreign currency rating to the Airport Authority Hong Kong (AAHK), the operator of Hong Kong International Airport.The ratings are the same as the sovereign ratings of the government of the Hong Kong Special Administrative Region (HKSAR), said Victor Fung Kwok-king, chairman of the AAHK, when announcing the matter Wednesday. The Hong Kong International Airport (HKIA) is the first airport in Asia to receive an international credit rating while the AAHK is one of the few institutions in Hong Kong that enjoy the same ratings as the HKSAR government. In affirming AAHK's credit ratings, Standard & Poor (S&P)'s cited a robust service area, a diversified carrier base, a strong financial position, a new facility with capacity for expansion, and support and ownership by the HKSAR government, the sole owner of the AAHK. S&P described the outlook on the ratings as "stable," said Fung. Globally, the HKIA ranks first in international cargo throughout, and fifth in international passenger throughput. The facility handled 32 million passengers and 2.2 million tonnes of cargo in the past 12 months with a diversified carrier base of 65 airlines serving 130 destinations. "The airport's location as gateway of China and its proximity to the Pearl River Delta, one of the most dynamic centers of growth in China, is also a benefit," said the S&P report. Fung said the ratings will help improve the profile of AAHK in the global investment market and develop more sources of raising funds. As aviation is an important component of Hong Kong's economy, the ratings will strengthen Hong Kong's economy and its position as an international business and financial center, he added. Fung told the press that AAHK is moving toward the target of listing but does not have a plan of listing or issuing bonds at present. "The ratings make a good preparation for the future," he said. |
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