prudence says no to infrastructure, page-16

map would need discipline on uk airports -cs 0915 [Dow Jones] STOCK CALL: Credit Suisse undertakes analysis of potential deal size were Macquarie Airports (MAP.AU) to buy BAA's 4 regional U.K. airports. Says potential valuation range is GBP1.1 billion-GBP1.6 billion. Assuming gearing level of 70% and 51% equity interest implies MAP equity requirement about A$500 million. "Given the market's current view toward significant equity raisings, and the fact that MAP is still bedding down the Copenhagen acquisition, we think management would need to be very disciplined in its approach to these assets." (RBT)