The company is 10% owned by Public Investment Authority
Moody’s changed the outlook for United Seaports Corporation (ABB Financial) from negative to stable, and affirmed the company’s outstanding Baa2 secured bond ratings and Baa2 (P) from the company’s £5 billion multi-currency medium term note (MTN) programme. PLC, the financial arm of Associated British Ports Group (ABP), has 21 port facilities in the UK.
The stable outlook reflects strong financial metrics, low downside risks related to Brexit and the easing of coronavirus-related restrictions on ship and ferry passenger numbers. ABP has an FFO ratio of 7.9 percent in 2021 and 8.5 percent in the 12 months to June 2022, comfortably above Moody’s guidance of at least 6.0 percent at current valuations. The company now expects ABB to maintain its income-to-debt ratio above 7.0 percent during the forecast period.
ABB Finance plc is the financing channel of the ABB Group and the issuer under the terms of the MTN scheme. ABP, the UK’s largest port operator cargo volumes. It includes land, buildings, wharf structures and docks operating at freehold port terminals across the UK. The Kuwait Investment Authority is one of ABP’s current major shareholders with a 10% stake, in addition to Canada Pension Plan Investment Board 33.88%, Omers Infrastructure (30%), Singapore Government’s Sovereign Wealth Fund (20%). ), and Hermes Fund for Infrastructure at 6.12 percent.
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