(Finance) – The growth in airport traffic Europeans she will be modest, compared to rpost-Covid-19 recovery, and will mainly depend on macroeconomic developments and the specific characteristics of assets. Among other things, regulations and financial policies will determine S&P’s ratings on airports. This is foreseen by a study by dthe S&P Global Ratings dedicated to European airports.
Despite the normalization of traffic – we read – S&P’s ratings on European airports “generally remain below pre-pandemic levels. This is due to the fact that, in the first quarter of 2024, the leverage grew by 20% and capital expenditure (capex) by 25%, compared to the industry average in 2019.”
S&P sees potential rating upgrade for airports whose credit metrics are improving thanks to robust traffic, favorable fare regulations, viable investment plans, and, ultimately, adapting their debt structures to the post-pandemic environment.
As for the direct, operational and financial effects of the net-zero efforts of European airports “They are modest at the moment. This could change in the long run if regulatory headwinds e changes in behavior will weigh on the number of passengers.”