Key Takeaways
- Our sector view for U.S. airports remains stable, despite an anticipated weaker outlook for air travel demand as economic activity decelerates into 2026 and operators adjust to shifting federal policies and large capital investment requirements resulting in higher airport cost structures.
- Rating actions have been mostly positive and overall credit quality remains solidly investment-grade with a median rating of ‘A+’, reflecting strong business positions and healthy financial metrics.
- The industry backdrop is stable, with systemwide traffic levels exhibiting subdued domestic demand, variable international demand, and a generally profitable airline sector.
- Management’s demonstrated ability to sustain financial metrics through proactive revenue, expense, and capital spending adjustments will be key to credit stability.
28-Oct-2025 | 15:25 EDT