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Airline Alliances and Major European Hub Airports: Business as Usual? Oct 03
Standard & Poors, Oct 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
The recent frenzy of airline alliances and mergers in Europe may affect European hub airports' credit quality. It is not yet possible to identify winners and losers among the hub airports rated by Standard & Poor's Ratings Services, but in the long term the changes in the airline industry may affect airport operator credit ratings. A shift of traffic, particularly long-haul flights, from one airport to another within an airline grouping, and the consequent changes to individual airports' function within these groups, could have a significant impact over time. In addition, changes to airlines' credit quality will have to be taken into account. The short-term effects of the industry consolidation activity, however, are unlikely to be significant for hub airports....
Companies mentioned in this report are: BAA Ltd.,Aeroports de Paris,N.V. Luchthaven Schiphol ,British Airways PLC,Aeroporti di Roma SpA,Schiphol Nederland B.V.,Flughafen Zurich AG
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