The early wave of coronavirus-related travel restrictions, reliance on international flights and a high share of fuel-hedging meant that European airlines’ operating and financial performance was hit harder than that of global peers in 1H20 and is only recovering slowly, Fitch Ratings says. Differences in route structures, target customers, cost bases and various measures to enhance balance sheets will lead to diverging recovery patterns. European airlines faced strict travel restrictions in, out of and across the continent from March. Most of their fleet was grounded throughout 2Q20, leading to capacity being reduced by about 86% yoy during this period, well

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