OREANDA-NEWS. Fitch Ratings says that UK transportation infrastructure transactions could be affected differently in the event that a leave vote and exit from the EU leads to a sustained depreciation of sterling, lower growth, and increased inflation and interest rates.

A significant depreciation of sterling could put pressure on volumes of UK ports and airports as the UK is a net importer of goods.

Inflation could dampen the loss of revenues for those issuers with indexed linked revenues, but the benefit may be offset by index-linked debt.

Steeper interest rates could expose those issuers with refinancing risk to increased cost of debt including some airports and ports.