11 June 2004 01:53
S&P leaves East Line ratings unchanged
MOSCOW. June 11 (Interfax) - Standard & Poor's Ratings Services said Friday that its ratings and outlook on
FML Ltd. (East Line Group), a Manx holding company which operates the second-largest airport in Russia, were not
affected by the company's disposal of its East Line Airline, a passenger and cargo air-transportation company.
This sale was in line with the company's strategy, which involves further concentration on airport activities
and divesture of noncore businesses. Proceeds are likely to be used for financing the company's ongoing activities
or invested in airport-related businesses. This increases East Line's dependency, however, on the operations of its
Domodedovo International Airport. At the same time, the divesture will have a slightly positive effect on the
company's financial profile, as the sold airline was the least profitable among East Line's businesses and
operating leases of planes increased the company's total adjusted debt. [RU ASIA EUROPE EEU EMRG AIR AAA] me
[Interfax] |
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