29.09.2016 Fitch Ratings affirms the credit rating of Moscow Domodedovo Airport at ‘ВВ+’
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On 28th September, 2016 the credit rating of Moscow Domodedovo Airport was affirmed at the same level, which evidences sustainability of the airport’s business model in challenging market conditions.
According to Fitch Ratings’ evaluation, the external environment and associated changes have a certain impact on the company, however the removal of a set of limitations will prospectively produce an upside potential. Moscow Domodedovo Airport has a potential for recovery on the market and a fairly stable revenue structure due to diversification of its business.
Despite market conditions still being somewhat uncertain, Moscow Domodedovo Airport’s operating performance indicators remain stable. At the same time the period of a retracement in the passenger traffic enables the company to pay more attention to introduction of client and passenger services.
The passenger traffic of Moscow Domodedovo Airport for 8M 2016 on domestic destinations corresponds to year-on-year numbers. The international routes – net of destinations where restrictions were imposed on flights - showed a YoY surplus of 5% vs. January–August 2015. Starting from the date when charter flights to Turkey were resumed, over 28 thousand passengers have been carried by 6 airlines via Domodedovo Airport.
Notably, the observed re-opening of charter flights, development of the airport’s route network, ramping up of carrying capacities by partner airlines, as well as development plans of anchor carriers will all have a positive effect.
Domodedovo Airport is still strongly committed to investing its current assets into development of airport capacities and abides by the policy of cutting expenses amid external volatility. Importantly, the company benefits – and derives its sustainability - from its sound credit portfolio. Domodedovo traditionally features a fairly low leverage.
Moscow Domodedovo Airport is one of the largest international airports in Russia, serving 30.5 mln passengers in 2015. The best airport in Russia and the CIS, according to Skytrax. Domodedovo has been chosen by leading global airline alliances – Star Alliance and oneworld – for flights to Moscow.