Saturday, May 10, 2008
The Credit Crunch is Biting Big Business
Ferrovial, the Spanish parent of BAA, was forced to put £400m of new cash into the beleaguered airport operator to convince its creditors to start talks on its massively delayed £9bn debt refinancing that has been hit hard by the credit crunch and doubts about its future as a group. Last month, Standard & Poor's, the credit rating agency, slashed its rating of ADIL to just one grade above junk. All part of the bigger picture !