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  • This section of the investor centre provides details of credit ratings applying to debt issuance by both Heathrow Funding Limited and Heathrow Finance plc.

    Members of the Heathrow Group maintain a contractual relationships with Standard & Poor's Ratings Services (S&P) and Fitch Ratings in relation to issuance by Heathrow Funding Limited and Fitch Ratings and Moody's Investors Service (Moody's) in relation to issuance by Heathrow Finance plc.

    In this part of the investor centre you can find recent rating agency publications relevant to each company as well as contact details for the rating agencies.

    Credit ratings for Heathrow businesses

      Heathrow Funding Ltd
    Heathrow Finance
    Class A   Class B
    S&P BBB+
    BBB- N/A
    Fitch A- BBB BB+
    Moody's N/A N/A Ba3

    Beata Sperling-Tyler
    +44 (0)20 7176 3687

    Heathrow Funding Ltd Debt Downgraded

    Negative Rating Actions Taken On European Airports Due To COVID19 Restrictions

    Rating Summary - 9 August 2019
    Brexit Still Weighs On Heathrow Rating, Despite Strong Earnings In 2018 - 5 February 2019
    Infrastructure Assets On Negative Outlook On Rising Brexit Risks – 19 Dec 2018
    Rating Affirmed - 04 May 2018
    Rating Summary - 12 February 2018
    Rating Affirmed – 26 June 2017
    Transaction Update on Heathrow Funding Ltd – 30 January 2017
    Rating Affirmed - 28 October 2016
    Rating Assigned to Class A34 Notes – 21 May 2015
    Rating Affirmed – 25 October 2013
    Transaction Update on BAA Funding Ltd – 16 September 2011
    Rating Affirmed – 14 June 2011
    Rating Assigned to Class A12 Notes– 12 October 2010
    Rating Assigned To BAA Funding's Corporate Securitization Class B1 Notes – 10 September 2010
    BAA transaction update March 2010 – 10 March 2010
    BAA Funding's Ratings Unaffected After Equity Injection – 13 November 2009
    BAA Funding's Ratings Affirmed after DFT Announcement and Gatwick sale – 09 November 2009
    BAA Funding Ltd's First Half Performance Demonstrates Resilience 2009
    Transaction update:BAA Funding Ltd – 12 March 2009
    Ratings affirmed on request to sell Gatwick and Stansted airports – 18 December 2008
    Ratings affirmed after shareholders' decision to sell Gatwick Airport – 18 September 2008
    Ratings assigned to first issuance – 26 August 2008
    S&P pre-sale report – 15 July 2008


    Shyamali Rajivan
    +44 (0)20 3530 1733

    Fitch Affirms Heathrows Funding’s Class A Notes at ‘A-‘ Outlook Stable

    Fitch affirms Heathrow Funding's Class A Notes - 31 May 2019
    Fitch revises Heathrow outlook to Stable and affirms ratings on bonds – 5 June 2018
    Fitch affirms Heathrow Funding's Bonds and Heathrow Finance's High-Yield Bond – 8 June 2017
    Fitch affirms Heathrow Funding's Bonds and Heathrow Finance's High-Yield Bond - 10 October 2016
    Fitch affirms Heathrow Funding's Bonds and Heathrow Finance's High-Yield Bond - 14 October 2015
    Fitch rating for Heathrow Finance plc £250m 2025 notes - 16 October 2014
    Fitch affirms Heathrow Funding's Bonds and Heathrow Finance's High-Yield Bond – 23 June 2014
    Fitch affirms Heathrow Funding's Bonds and Heathrow Finance's High-Yield Bond – 26 June 2013
    Fitch affirms BAA Funding's Bonds and BAA (SH)'s High-Yield Bond – 23 August 2012

    Heathrow Finance

    Fitch affirms Heathrow Finance plc 2019 notes rating – 13 December 2012
    Fitch assigns Heathrow Finance plc Notes Expected 'BB ' Rating – 6 December 2012
    Fitch pre- sale report – 28 October 2010
    Fitch Rates BAA Funding's Class B Bonds – 9 September 2010

    Heathrow Funding

    Volcano Disruption has no immediate impact on BAA Funding notes – 21 April 2010
    Fitch Revises Outlook on BAA Funding's Bonds to Stable On Equity Injection – 23 November 2009
    Fitch Affirms BAA Funding after Gatwick sale – 22 October 2009
    Fitch affirms BAA Funding bonds – 4 August 2009
    Fitch revises BAA Funding outlook – 2 April 2009
    Fitch pre-sale report – 15 July 2008


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