Fitch revises Aena view to negative

Fitch Ratings said it revised the outlook on Aena SME SA to negative from stable and affirmed the long-term issuer rating at A.

The negative outlook reflects the considerable uncertainty in traffic profile and recovery for 2H20 and beyond. Early signs for 3Q traffic indicate that there could be a delayed recovery compared with our previous assumptions. However, the timing and extent of the recovery remain uncertain. In particular, given the limited visibility around easing of government travel and quarantine restrictions, there is significant uncertainty around leisure travel in summer 2020 and the remainder of the year,” Fitch said in a press release.

Fitch noted the company plans to start talks with its lenders for a temporary waiver because management expects a breach of the net financial debt/EBITDA default covenant at Dec. 31.

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