Continuing uncertainty over the planning, pricing and execution of the third runway at Heathrow Airport, and ongoing Brexit concerns were the main reasons for Fitch Ratings to revise the Outlook on Heathrow Funding’s bonds to Stable from Positive in June 2018. There is uncertainty over whether the regulator will allow the airport to generate, through tariffs, additional cash flows to build up metrics consistent with the higher ratings on top of full recovery of costs associated with the project. Furthermore, protracted planning and approval processes and the risks of higher costs, together with increasing debt related to this significant capex

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