At 31 December 2021, the Group’s credit ratings were as follows:
| Rating | ||||
|---|---|---|---|---|
| Agency | Long term | Outlook | Short term | |
| VINCI SA | Standard & Poor’s | A - | Stable | A2 |
| Moody’s | A3 | Stable | P2 | |
| ASF | Standard & Poor’s | A - | Stable | A2 |
| Moody’s | A3 | Stable | ||
| Cofiroute | Standard & Poor’s | A - | Stable | A2 |
| Gatwick Funding Limited (*) | Standard & Poor’s | BBB | Negative | |
| . | Moody’s | Baa2 | Negative | |
| Fitch | BBB + | Negative | ||
(*) Company that raises funding for London Gatwick airport.
In 2021, rating agencies updated their views as follows:
Some financing agreements include early repayment clauses applicable in the event of non-compliance with financial ratios.
The Group regularly monitors developments in relation to these financial covenants and, in the context of the continuing health crisis, has paid particular attention to finance agreements that could give rise to risks of it failing to comply with financial ratios in the short and medium term.
Talks take place with lenders as the case may be to inform them of potential instances of default related to such failures. Group entities that entered into negotiation regarding terms for financing were able to reach agreements.
In particular, waivers and amendments were obtained by London Gatwick Airport in September 2021 in relation to its bank and bond debt for a total amount of £3.4 billion. The agreement mainly consisted of the following:
Other agreements subject to covenants do not involve material amounts (individual amounts below €300 million).
Cash and cash equivalents comprise current accounts at banks and short-term liquid investments subject to negligible risks of fluctuations of value. Cash equivalents include money market UCITS and certificates of deposit with maturities not exceeding three months at the origin. Bank overdrafts are not included in cash and are reported on the balance sheet under “Current financial liabilities”.
“Cash management financial assets” comprises investments in money market securities and bonds, and units in UCITS, made with a short-term management objective, that do not satisfy the IAS 7 criteria for recognition as cash.
They are measured and recognised at their fair value. Changes in value are recognised in profit or loss.
Purchases and sales of cash management financial assets are recognised at their transaction date.
At 31 December 2021, the Group’s available resources amounted to €17.8 billion, including €9.3 billion of net cash managed and €8.5 billion of confirmed medium-term bank credit facilities remaining unused.
