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S&P revises easyJet outlook to stable
S&P said it revised easyJet plc’s outlook to stable from negative and affirmed the BBB- on easyJet, easyJet Airline Co. Ltd. and its senior unsecured debt.
“Air traffic recovery should continue in 2022 if there are no renewed and protracted travel restrictions beyond those currently in place. The recovery in air passenger traffic (measured by revenue passenger miles or kilometers) hinges a lot on health conditions. The recent rapid spread of the omicron variant highlights the inherent uncertainties of the pandemic but also the importance and benefits of vaccines,” S&P said in a press release.
The agency noted easyJet plans to increase its capacity and rebuild its network in FY2022. “In first-quarter FY2022 (ended Dec. 31, 2021), easyJet increased its operating capacity to 64% of FY2019 levels from 58% deployed in fourth-quarter FY2021. This represents a significant increase compared to third-quarter FY2021, when it flew 17% of pre-pandemic capacity.”
S&P noted that if its air traffic forecast occurs easyJet's EBITDA is forecasted to rebound to as much as £500 million in FY2022, which is the lower end of the agency’s February 2021 forecast of £500 million-£700 million owing to slower demand recovery.
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