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Ferrovial's Big BAA Debt Troubles

As the CEO of Britain's leading airport operator steps down, its indebted Spanish parent may be forced to sell off assets

BAA could be forced to sell one of its airports as Ferrovial, its Spanish owner, admitted that it is at least three to four months away from completing the refinancing of the enormous debts incurred when it purchased the UK airports operator. Ferrovial is increasingly desperate to cut debt interest costs, a significant factor in the almost halving of profits it unveiled yesterday.

According to reports last night, Stephen Nelson, the chief executive of BAA, is to step down, after much criticism of falling service standards at Heathrow, Gatwick and Stansted. Mr Nelson is to be replaced on 1 April by Colin Matthews, a former chief executive of Severn Trent.