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S&P GLOBAL INC.

(SPGI)
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S&P Global : Report Says Airports Face A Long Delay To Global Air Traffic Recovery

09/24/2021 | 09:57am EDT

SAO PAULO (S&P Global Ratings) --Airports, airlines, services companies, and travelers still have a long wait until global air traffic returns to normal. So far, the recovery has proven to be uneven by region, and uncertainty regarding a spike in COVID-19 cases from the delta variant is clouding the industry's prospects.

In a report published today, "Airports Face A Long Delay To Global Air Traffic Recovery," S&P Global Ratings says it believes the long-anticipated recovery may be pushed well into 2022 or later, particularly if intercontinental air traffic remains subdued, vulnerable as it is to pandemic-related travel restrictions and sluggish business travel.

Domestic travel numbers reached 85% of the 2019 level in July this year across the Americas and Asia, but international traffic only 26%, according to the International Air Transport Association (IATA), signaling an uneven and protracted recovery of global air traffic. The upswing in domestic air travel during the summer contributed to the return of our outlooks on U.S. airports to stable this year, even though the spread of the delta variant of the coronavirus has triggered a more cautious near-term stance.

In Europe, however, air traffic reached only 20%-25% of 2019 levels in January-July and almost all our airport ratings still carry negative outlooks; even if traffic picks up to about 40%, the full-year average will be at the bottom of the 30%-50% range we expected. The situation is mixed in Asia-Pacific, where international travel through Australian airports is just 1%-3% of that in 2019 and although domestic air travel increased to 60%-80%, recurring lockdowns have led to significant fluctuations.

Related Research

oUpdated Activity Estimates For U.S. Transportation Infrastructure Show Recovery For Air Travel Demand Accelerating And Public Transit Lagging, July 29, 2021

oEurope's 2021 Air Passenger Traffic Likely To Stall At 30%-50% Of 2019 Level, Feb. 18, 2021

oRatings Outlooks On U.S. Transportation Infrastructure Issuers Revised To Negative Due To COVID-19 Pandemic, March 26, 2020

This report does not constitute a rating action.

S&P Global Ratings is the world's leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide.

S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/ratings.

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2021 8 106 M - -
Net income 2021 3 004 M - -
Net cash 2021 2 565 M - -
P/E ratio 2021 35,9x
Yield 2021 0,69%
Capitalization 108 B 108 B -
EV / Sales 2021 13,0x
EV / Sales 2022 12,3x
Nbr of Employees 23 000
Free-Float 81,8%
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Last Close Price 447,37 $
Average target price 477,36 $
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Douglas L. Peterson President, Chief Executive Officer & Director
Ewout L. Steenbergen Chief Financial Officer & Executive Vice President
Richard Edward Thornburgh Non-Executive Chairman
Nicholas Cafferillo Chief Data & Technology Officer
Sitarama Swamy Kocherlakota Chief Information Officer & Executive VP
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