MAHB's shares down after Moody's downgrade

Malaysia Airports Holdings Bhd's (MAHB) share was easier this morning in the wake of the company being downgraded by rating agency, Moody's Investors Service, over challenges to its Turkey unit.

As at 9.37 am, MAHB lost 10 sen to RM5.80 with 75,900 shares changing hands.

Yesterday, Moody's affirmed its A3 issuer rating on MAHB and changed its outlook to negative from stable.

"The change in outlook principally reflects heightened operating challenges for its subsidiary, Sabiha Gokcen International Airport (SGIA, unrated), which owns and operates the second largest airport in Istanbul, Turkey," Moody's said in a statement.

Vice-President and Senior Analyst Ray Tay said the rating agency expected SGIA to experience a material decline in passenger traffic growth in the next 12 to 18 months, following the coup attempt that ended on July 16, as well as, the terrorist attacks that occurred earlier this year.