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European airports face the recession's ripple effects – S&P report


Ratings Agency Standard & Poor’s (S&P) has published one of its regular commentaries on European airports. In it, S&P maintains a cautious outlook for the sector. European airports performed more strongly than expected in the first nine months of the year. But Europe has since dipped further into recession and airline profitability is weakening – both of which point towards lower passenger volume growth. In S&P’s view, continued economic deterioration is a key risk to credit quality and could constrain improvement in credit metrics. [2530 words]

Unlock the following content in this report:


  • Europe's recession constrains credit quality
  • Sovereign rating actions have had a limited effect on creditworthiness
  • High capex spending could suppress cash flow
  • Credit quality holds steady‚Ķfor now

Graphs and data:

  • National real GDP growth for select countries
  • Background information: Issuer review by airport
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