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S&P Credit Research5791 word report
published May 28, 2009
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S&P Credit Research
| Abstract: | For U.S. and international airports, falling passenger volumes we believe will continue to pressure financial metrics in 2009 and 2010. The likely result in our view is a decrease in important liquidity measures as the recession ripples throughout the global economy. Because of this slump, the International Air Transport Assn.'s (IATA; representing some 230 airlines carrying more than 93% of worldwide air traffic) latest forecast (March 2009) calls for total passenger traffic to fall 5.7%, cargo 13%, and revenues more than 12% in 2009, compared with drops of 3%, 5%, and 6%, respectively, at the previous forecast (December 2008). This follows global passenger traffic growth of only 0.9% in 2008. We believe that airport industry revenues will have tough going
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| Brief Excerpt: | RESEARCH Ratings Definitions Global Airports Face Challenges Not Seen In Decades Publication date: 28-May-2009 Primary Credit Analysts: Mario Angastiniotis, Toronto (1) 416-507-2520; mario_angastiniotis@standardandpoors.com Kurt Forsgren,...
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| Report Type: | Commentary
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| Sector: | Global Issuers
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
