ƒата: 15-07-20 14:06

S&P lowers ratings on six European airport operators

S&P Global Ratings today lowered the ratings on four European airports/associated companies (and a further two CreditWatch revisions) as the rating agency anticipates a slower recovery in passenger traffic than first anticipated.

The four downgrades are:

Х Royal Schiphol Group NV (Schiphol). Ratings to СAТ from СA+Т
Х Flughafen Zurich AG. Ratings to СAТ from СAAТ
Х daa PLC. Ratings to СA-/A-2Т from СA/A-1Т
Х Avinor AS. Ratings to СA/A-1Т from СA+/A-1Т

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The rating agency also placed the debt issued by Gatwick Funding Ltd on CreditWatch negative. Aeroporti di RomaТs ratings remain on CreditWatch Negative Ц reflecting that of its parent company Atlantia.

S&P Global Ratings director, Tania Tsoneva, says: УEuropean airports face a steeper and more protracted recovery in air passenger traffic due to harsher COVID-19 restrictions than we previously expected.

УWe anticipate a 55%-70% decline in 2020 versus 2019 levels Ц depending on individual government policies and airport characteristics Ц and a more gradual recovery to pre-COVID-19 levels in 2024.Ф

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S&P notes: УDespite our estimate of about a И10 billion reduction in capital expenditure (capex) for rated European airports over 2020-2023, credit metrics will sharply weaken and in some cases decline to levels that are not commensurate with our current ratings.

УWe question airportsТ ability to increase charges due to airlinesТ weaker finances, and also do not currently expect state aid packages for most airports given their sufficient liquidity to absorb losses in the near term.Ф


»сточник информации: Airport World

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