The 'airport lease-to-pay-down-municipal-debt' argument surfaces again – this time in Baltimore

Apart from public-private partnerships (P3s) to build specific infrastructure, the concept of the privatisation of airports (by leasing) has faded in the US, despite strong interest from abroad.

In fact, it could be argued that it never took off at all, with there being just one successful deal, another that lasted a few years, and another still that is not yet completed after having begun in 2012; all that being the sum total of activity in 26 years.

One attraction that has always been there is the potential for municipalities to earn enough from an airport lease to pay down some or all of its pension debt, or 'asset recycling' as it is now known. And there is a lot of pension debt.

Now the Washington Post has published an article suggesting that Baltimore-Washington, one of three airports serving the capital region, could be leased for that very purpose.

It has opened up a can of worms.