BAA, the UK airport operator, is today expected to complete a £13bn ($24bn) refinancing of the debt put in place to back its buy-out by a Ferrovial-led consortium, after a two-year effort.

The completion of three financing streams leaves the airports group's finances in an improved state ahead of this week's announcement by the Competition Commission, the UK competition watchdog, of the provisional findings of its investigation into the country's airports sector.