"COVID-19 has presented unprecedented challenges, and over the past year we've been focussed on taking swift action to protect the business. We've made great strides in cutting costs and making the airport more efficient and competitive while expanding our liquidity and protecting investment grade credit ratings. It's great to see this effort recognised by S&P. We will continue to work hard to restore our A- rating in the medium term, and for this to happen the regulator must also deliver on its duties to ensure Heathrow remains financeable. S&P's conclusions are unequivocal - It is now time for the CAA to protect ratings by providing a RAB adjustment and rebalancing urgently investors' risks and reward."