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Canada Goose online Airport Revised To Positive Canada Goose online

canadian goose jacket (The following was released by the rating agency) WIAL has implemented a new airline pricing structure that will see its overall charges rise by 3.6% per year in real terms over five years (Standard Poor had previously conservatively assumed no price increase). The outcome of this canadian goose jacket initiative will drive better than expected financial metrics for WIAL in the coming years at a time when we expect WIAL business risk profile to remain strong. canadian goose jacket

canada goose coats on sale We are revising our rating outlook on WIAL to positive from stable, and affirming canada goose uk black friday the issuer credit ratings at canada goose coats on sale

Canada Goose Outlet The positive outlook reflects our expectation that the company will manage its distributions and capital expenditure to improve and maintain higher financial metrics. Canada Goose Outlet

buy canada goose jacket Under our previous forecast we had assumed that the price consultation undertaken by WIAL would result in the implementation of a tariff setting, which would be effective April 2012 and which would have been an amount similar to the prior, expired, tariff. In actuality, the new pricing structure canada goose clearance sale resulted in an increase of 3.6% overall charge per passenger per year in real terms over the next five years. buy canada goose jacket

canada goose store This better than expected outcome means that we have revised our forecast for WIAL, and are now expecting FFO canada goose coats to debt to trend above 18% from 2014, and FFO interest cover of about 3.3x to 3.5x. This compares to our previous expectations of Canada Goose Parka about 15% and 3x, respectively. Although our revised forecast takes into account the new pricing structure for the next five years, we maintain the view that passenger traffic is likely to remain subdued in the short term, with long term growth of about 1% for domestic traffic and 3% for canada goose coats on sale international traffic. We are also cheap Canada Goose maintaining our forecast of moderate capital investment in the order of NZ$30 million NZ$40 million in the next two years noting, however, our expectation that a relative granularity in execution of WIAL proposed projects should provide some flexibility for delaying some capital works in order canada goose uk outlet for WIAL to manage its financial metrics. In this light, we expect FFO to debt to gradually trend toward 20%, which we would view Canada Goose Coats On Sale as commensurate with an rating, all else being equal. canada goose store

canada goose clearance sale We continue to view WIAL business risk profile as based on the airport position as the gateway to: New Zealand second largest urban area, the home of the New Zealand government, and a significant corporate base. These factors underpin the airport resilient domestic passenger base, which represents almost 90% of total passengers. During the year ended March 31, 2012 the airport domestic passenger numbers marginally decreased by 0.1% Canada Goose Online against that canada goose factory sale in fiscal 2011. This is a reflection of the combined impacts of the Canada Goose Outlet Chilean volcanic ash cloud in June 2011 and the Rugby World Cup, which were counterbalanced by canada goose jackets the opening of canada goose clearance Jetstar buy canada goose jacket route to Queenstown and Air New Zealand introducing larger aircraft. International traffic growth remains Canada Goose Jackets strong, at 9.7%, although from a relatively low base number. canada goose clearance sale

cheap Canada Goose Although we continue to view the regulatory regime covering the New Zealand airport Canada Goose sale sector as light handed, the Commerce Commission recently published a Process and Issues Paper, Canada Goose online seeking to confirm the effectiveness of the current regime. canada goose uk shop Of importance, in our uk canada goose outlet view, is the fact that the Commission is running a separate process for each of the three regulated airports, cheap canada goose uk which could result in three different outcomes. WIAL does not have any debt maturing until November 2013, when its NZ$100 million retail bonds mature. The company sources of liquidity, including cash, FFO, uk canada goose and undrawn bank lines, to exceed its uses by more than 1.8x over the next 12 months well in excess of the 1.2x required for the category. cheap Canada Goose

canada goose clearance The next debt maturity is not until the canada goose end of 2013. canada goose clearance

canada goose deals In the event of a 30% drop of EBITDA, net sources would remain positive. Compliance with buy canada goose jacket cheap covenants under its debt documents would be maintained in that scenario. canada goose deals

Canada Goose Jackets In our analysis, we have assumed liquidity exceeding NZ$120 million over the next 12 months, comprising cash on hand, FFO, and available committed bank facilities. Canada Goose Jackets

canada goose coats Upward rating action (to is possible in the next 12 to 18 months canada goose black friday sale if: canada goose coats

canada goose WIAL demonstrates its commitment to maintaining a prudent approach in relation to distributions and capital expenditure, to sustain the expected higher financial metrics over the longer term; canada goose

canada goose black friday sale We have greater canada goose store clarity on the current process being undertaken by the Commerce Commission and confirmation of a very low likelihood of change of the current regulatory environment; and canada goose black friday sale

buy canada goose jacket cheap We are comfortable that the ratio of FFO to debt will remain above 18% and continue trending toward 20%, while at the same time FFO interest cover remains around 3.5x. The outlook could be revised to stable if: buy canada goose jacket cheap

Canada Goose sale The conclusions from the Commerce Commission review are likely to either lead to a higher regulatory burden on the company, or requires WIAL to re open its pricing consultation, or Canada Goose sale

Canada Goose Parka Key financial metrics remain in line with historical levels of around 15% and 3x for FFO to debt and FFO interest cover, respectively, lead in part by higher debt funded capital expenditure. Related Criteria And Research Canada Goose Parka.

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