SAN Miguel Corp.'s (SMC) successful bid for the P171-billion Ninoy Aquino International Airport (NAIA) modernization project will have a "manageable impact" on its credit profile despite the huge capital expenditure (capex) involved, a Fitch Group unit said on Monday.
A San Miguel-led consortium that also includes RMM Asian Logistics Inc., RLW Aviation Development Inc., and South Korea's Incheon International Airport Corp. was announced last week as the winner of a 15-year contract to rehabilitate and operate the NAIA, with the possibility of a 10-year extension.
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