Moody’s alters NATS view to stable

Moody’s Investors Service said it changed its outlook for NATS (En Route) plc to stable from negative and affirmed the A2 ratings on NATS and its bonds.

The outlook revision follows the publication of initial proposals by the U.K's Civil Aviation Authority (CAA), which regulates NATS’ air traffic control services, for the upcoming five-year regulatory period, starting on Jan. 1, or NR23, Moody’s said.

“The stabilization of NATS' outlook reflects that credit metrics, in particular net debt to regulated asset base (RAB), which–on Moody's adjusted basis–stood at just under 63% at March 2022, is expected to improve over the NR23 regulatory period amid forecast traffic growth, as well as recovery of under-collected charges arising from the coronavirus pandemic, over the next 10 years,” the agency said in a press release.

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