Clear Skies Ahead: Airports Credit Outlook 2024

This commentary was produced by DBRS Morningstar, a member of IPFA. 

Heading into 2024, passenger traffic growth is normalising in most regions. The following are key observations from DBRS Morningstar’s team:

– Global air passenger traffic is projected to reach 9.4 billion passengers in 2024, and the global air passenger traffic in 2024 is projected to exceed the 2019 level by 2.5%.
– We believe there is greater potential for higher passenger growth in Asia-Pacific than Europe and North America primarily because China’s international travel has yet to be fully restored to the 2019 level.
– The credit risk profiles for airport operators in our rated portfolio will remain relatively stable in 2024 on the backdrop of a steady return to full passenger traffic.