In addition, with weighted
average maturity of the investment portfolio capped at 90 days and allocation to marketable instruments, there is limited interest rate and liquidity risk, the agency noted.
28, 2018, the weighted
average maturity of the fund was 37 days.
The existing bank loans have a weighted
average maturity of 5.7 years and a weighted average interest cost of 4.44% per annum.
The sound credit and liquidity profile of the fund emanates largely from fund"s investment of more than 70% in short term government securities with
average maturity of less than 60 days at end-Jan11.
We also view positively the possible extension of the A4 Turin-Milan concession - 30% of consolidated EBITDA - as it slightly increases the
average maturity of group concessions.
Weighted
average maturity of the fund was low at 18 days at year-end 2010.
As of March 31, 2018, the Company had $3,525 million in notional amount of interest rate swap agreements with a weighted average pay fixed rate of 1.75% and a remaining weighted
average maturity of 5.5 years.
The operation resulted in extension of the
average maturity of unused back-up credit lines to four from two and a half years.
Interest rate risk is contained with the portfolio's weighted
average maturity (WAM) kept below 90 days, in line with Fitch criteria for 'AAAmmf(mar)' rated funds.