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Industry Report Card: Profitability Among European Airport Operators Improves In 2011, But Not All Are Benefiting From Rising Demand May 11
Standard & Poors, May 2011
Abstract
The rise in passenger and cargo volumes at European airports that began in 2010 is extending into 2011, helped by improving, if still fragile, economic conditions and increasing corporate profits. As a result, Standard & Poor's Ratings Services observes, profitability and cash flow metrics are improving among rated European airports. In addition, we believe that these positive factors should lead to a modest improvement in most airport operators' financial profiles in 2011--provided that operators maintain a tight rein on their capital spending and shareholder returns. (See the related CreditMatters TV segment, 'European Airports: How Rising Passenger Volumes Could Affect Credit Quality,' dated May 20, 2011.) Currently, we rate 11 issuers in the European airports sector, including two air traffic controllers.
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.
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