Fitch: Brexit Could Reduce UK Transportation Infrastructure Issuers' Rating Headroom
A significant depreciation of sterling could put pressure on volumes of UK ports and airports as the UK is a net importer of goods.
Inflation could dampen the loss of revenues for those issuers with indexed linked revenues, but the benefit may be offset by index-linked debt.
Steeper interest rates could expose those issuers with refinancing risk to increased cost of debt including some airports and ports.
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