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Moody’s raises Aena’s credit rating to A2 due to recent improvement in Spain’s sovereign rating
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The Corner
Intermoney | Aena (AENA) (Hold, PO €24) announced on Tuesday after the market closed that Moody’s rating agency has raised its long-term debt rating to A2 from A3.
The agency states that this move is explained by the recent improvement in Spain’s sovereign rating, in which Aena remains one notch above due to stronger credit fundamentals, demonstrated by its access to foreign banking markets.
Moody’s adds that Aena benefits, among other things, from its dominant position in the Spanish airport sector with stable regulation and a fairly diversified customer (airline) portfolio.
Assessment: This is good news for Aena, whose rating, according to Moody’s, is limited only by the sovereign debt rating.
However, rating agencies will certainly pay attention to the implementation of the heavy investments envisaged in DORA III, amounting to some €13 billion, which could theoretically jeopardise its current rating.