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Apr 12, 2024 · Over the past four months, analysts' average price target has been revised upwards significantly. Considering the small differences between the analysts' various estimates, the group's business visibility is good. Historically, the company has been releasing figures that are above expectations.
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Does Aena have a long-term Issuer Default Rating?
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- Rating Rationale
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- Best/Worst Case Rating Scenario
- Transaction Summary
- Credit Update
- Financial Analysis
- ESG Considerations
- Applicable Models
The affirmation is mainly driven by traffic recovery during 2022 and so far in 2023 across its leisure-driven airport network and the returning strength of cash flow generation amid modest domestic investments and tight cost control. However, Aena's operating environment is subject to political interference, medium-term challenges to the aviation i...
Volume Risk - 'High Midrange': Large, Diversified Airport Network Aena is the largest airport operator in the world by number of passengers with a monopolistic position in Spain. The peak-to-trough decline was 11% during the financial crisis, driven by the collapse of domestic traffic, while the international arm was roughly stable. It is predomina...
Under the updated FRC, leverage is forecast to stabilise at 2.5x by 2027, with traffic recovering to 2019 level in 2023 and flattening in 2024, but excluding further M&A activity.
Aena's strategic importance, monopolistic position and lower leverage compared with that of Aeroporti di Roma S.p.A. (BBB-/Stable), Gatwick Funding Limited (BBB+/Negative) and Manchester Airports Group Funding PLC (BBB/Negative) justify its higher rating. This is despite Aena's higher historical traffic volatility and less creditor-protective debt ...
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of...
Aena is a listed company registered in Spain that owns and operates 45 airports in Spain in addition to the concession to run Murcia Airport for 25 years (starting in 2018). Internationally, the company holds controlling stakes in Luton airport in the UK and in 17 airports in Brazil; Aena also has minority holdings in 12 airports in Mexico, two in ...
Traffic Back to "Normal" In April 2023 traffic surpassed 2019 YTD level, almost two years ahead of Fitch's expectations. New AccountingTreatmentImproves Transparency In 2022, Aena changed the accounting policy applied in recording the impact of reductions in minimum annual guaranteed rents, as a consequence of the DF7, and the agreements reached wi...
The FRC projects stable leverage for 2023-2027 of around 2.5x, assuming traffic to recover to 2019 levels in 2023 and flatten in 2024, almost stable aviation tariffs in nominal terms, and retail revenues per passenger growing at low single digits. We expect medium-term EBITDA margin of about 52%-53% and annual average investments of around EUR900 m...
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fit...
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
Jul 8, 2022 · Fitch Revises Outlook on Aena to Stable; Affirms at 'A-'. Fitch Ratings - Milan - 08 Jul 2022: Fitch Ratings has revised the Outlook on Spanish airport operator Aena S.M.E. S.A.'s Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'A-'.
Analyst Ratings for Aena S.A. (ANNSF) provide recommendations made by outside industry experts.
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Jun 1, 2020 · Evolving. Stable. Aena S.M.E. S.A. Entity featured on Fitch Ratings. Credit Ratings, Research and Analysis for the global capital markets.
