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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's takes rating actions on 11 European airports

31 Mar 2020

London, 31 March 2020 -- Moody's Investors Service (Moody's) has recently taken rating actions on the following 11 European airport companies:

- Ratings placed on review for downgrade: Avinor AS (A1, rating under review), Copenhagen Airports A/S (Baa2, rating under review), Copenhagen Airports Denmark ApS (Baa3, rating under review), Gatwick Funding Limited (Baa1, rating under review), Manchester Airport Group Funding Plc (Baa1, rating under review), Milione S.p.A. (Baa3, rating under review)

- Outlook changed to negative from stable: Aena S.M.E., S.A. (A3, negative), Brussels Airport Company NV/S.A. (Baa1, negative), Heathrow Finance plc (Ba1/Ba3, negative), Royal Schiphol Group N.V. (A3, negative)

- Rating affirmation with a stable outlook: Letiste Praha, a.s. (Aa3, stable).

The rating actions are triggered by the unprecedented traffic declines at European airports as a result of severe restrictions to air travel, cancellation of airline routes and closing of borders in light of the rapid and widening spread of the coronavirus (COVID-19) outbreak.

In addition to the above, Moody's has the following ratings outstanding in the European airport sector: Aeroporti di Roma S.p.A. (Baa3, negative), Aeroports de la Cote d'Azur (ACA) (Baa2, rating under review), Azzurra Aeroporti S.p.A. (Baa3, rating under review), Birmingham Airport (Finance) Plc (Baa1, rating under review) and Flughafen Berlin Brandenburg GmbH (A1, stable).

RATIONALE FOR RECENT RATING ACTIONS

The rapid and widening spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The airport sector is among the most significantly affected by the shock given its exposure to travel restrictions and sensitivity to consumer demand and sentiment.

Moody's current base case assumption is that the coronavirus pandemic will lead to a period of severe cuts in passenger traffic over the upcoming weeks given restrictions on travel, but that there will be a gradual recovery in passenger volumes starting by the third quarter 2020.

Unlike previous negative shocks such as the SARS epidemic in 2003, the prospects for traffic rebound is more uncertain because (1) travel restrictions in some form may continue for some time even if the spread of the virus seems contained; (2) the deteriorating global economic outlook would likely slow the recovery in traffic and consumer spending, even if travel restrictions are eased; and (3) the coronavirus outbreak is also weakening the credit profile of airlines, which have been drastically cutting capacity. As events continue to unfold, there is a higher than usual degree of uncertainty around the length of travel restrictions and drop in travel demand. Hence, it is difficult to predict the overall traffic volumes for 2020.

Nevertheless, Moody's currently assumes that the decline in passenger traffic will be at least 30% in 2020 compared to the previous year, driven by dramatic declines in the first half of the year and a recovery in the second half, albeit phased over the period. There are, however, high risks of more challenging downside scenarios.

The longer term impact of the coronavirus pandemic still remains difficult to assess, given airports' exposure to airlines, which are themselves under significant stress. However, and notwithstanding the significantly reduced cash flow over at least the next few weeks, Moody's still considers airports located in large cities, including in capital cities, and airport networks covering large countries, to be key infrastructure providers, with a potential for traffic recovery once the coronavirus outbreak and its effects have been contained.

Given Moody's current assumption that the travel restrictions will be eventually lifted or at least significantly reduced, the key differentiating factors in positioning of European airports' ratings are issuer-specific (1) liquidity position and ability to withstand a period of no income generation either because of travel restrictions or management decision not to collect charges; (2) headroom against financial covenants included in the debt documentation; and (3) positioning in the rating category against the guidance in the context of Moody's current assumptions regarding traffic evolution and measures that the companies and their shareholders may be able to take to mitigate the impact of reduced passenger traffic this year.

For those ratings under review, the rating review will specifically consider (1) companies' access to liquidity; and (2) potential management and shareholder measures to mitigate the impact of substantial declines in traffic on the companies' credit metrics and covenants. Moody's will further consider the evolution of the operating environment, including the extent and timeframe for air travel restrictions as well as companies' exposure to airlines. Moody's will endeavour to conclude the review for each of the affected companies as soon as practical.

For more detailed information on individual issuers, please see the following press releases:

Ratings placed on review:

Avinor AS:

https://www.moodys.com/research/Moodys-reviews-Avinors-A1-ratings-for-downgrade--PR_421075

Copenhagen Airports A/S:

https://www.moodys.com/research/Moodys-reviews-Copenhagen-Airports-ratings-for-downgrade--PR_421218

Gatwick Funding Limited:

https://www.moodys.com/research/Moodys-reviews-Gatwick-Fundings-Baa1-ratings-for-downgrade--PR_421072

Manchester Airport Group Funding Plc:

https://www.moodys.com/research/Moodys-reviews-Manchester-Airport-Group-Fundings-Baa1-ratings-for-downgrade--PR_421068

Milione S.p.A.:

https://www.moodys.com/research/Moodys-reviews-Miliones-Baa3-ratings-for-downgrade--PR_420263

Outlook changed to negative:

Aena S.M.E., S.A.:

https://www.moodys.com/research/Moodys-changes-to-negative-the-outlook-on-Aenas-rating--PR_421220

Brussels Airport Company NV/SA:

https://www.moodys.com/research/Moodys-changes-rating-outlook-on-Brussels-Airport-to-negative-from--PR_420257

Heathrow Finance plc:

https://www.moodys.com/research/Moodys-changes-to-negative-outlook-on-Heathrow-Finances-ratings--PR_421272

Royal Schiphol Group N.V.:

https://www.moodys.com/research/Moodys-changes-rating-outlook-on-Royal-Schiphol-Group-to-negative--PR_421219

Ratings affirmed:

Letiste Praha, a.s.:

https://www.moodys.com/research/Moodys-affirms-Letiste-Praha-ass-Aa3-rating-outlook-stable--PR_421221

Moody´s regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety that lead to severe restrictions to air travel, cancellation of airline routes and closing of borders, as well as enhanced health and safety standards and regulation potentially resulting in additional compliance expenses and potential non-compliance costs in the form of fines.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at [email protected] or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Joanna Fic
Senior Vice President
Infrastructure Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Andrew Blease
Associate Managing Director
Infrastructure Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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