Plus précisément, il étudie l’impact sur la qualité de crédit des aéroports en Europe et en Asie-Pacifique.
Ci-dessous les points-clés :
- We believe a hypothetical temporary drop of international passenger numbers in 2015 would have limited impact on the airport sector in Asia-Pacific and Europe.
- In Asia-Pacific, that would be because of three main reasons: (i) an assumption of continued growth of domestic passenger numbers, (ii) the diversity of revenue stream, which may not be directly correlated to passenger numbers, and (iii) some headroom in credit metrics for most companies.
- In Europe, that would mainly be because of the headroom in the credit metrics of most rated airports, as well as our view that intra-European travel would not be affected as much as international travel would be.
- Also supporting our view of a limited impact is the fact that companies in the sector have demonstrated willingness in the past to support their credit quality during stress, through investment deferral and lower dividend disbursement.
Pour aller plus loin, téléchargez ci-dessous l’étude (PDF 8 pages en anglais)
Ci-dessous les points-clés :
- We believe a hypothetical temporary drop of international passenger numbers in 2015 would have limited impact on the airport sector in Asia-Pacific and Europe.
- In Asia-Pacific, that would be because of three main reasons: (i) an assumption of continued growth of domestic passenger numbers, (ii) the diversity of revenue stream, which may not be directly correlated to passenger numbers, and (iii) some headroom in credit metrics for most companies.
- In Europe, that would mainly be because of the headroom in the credit metrics of most rated airports, as well as our view that intra-European travel would not be affected as much as international travel would be.
- Also supporting our view of a limited impact is the fact that companies in the sector have demonstrated willingness in the past to support their credit quality during stress, through investment deferral and lower dividend disbursement.
Pour aller plus loin, téléchargez ci-dessous l’étude (PDF 8 pages en anglais)
Standard & Poor’s Ratings Services
www.standardandpoors.com
www.standardandpoors.com
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