Moody’s Investors Service is maintaining its stable outlook on the global airline industry, reflecting the rating agency’s expectations of declining but still-strong operating margins relative to the sector’s historical levels. Moody’s projects the aggregate operating margin of rated airlines to approach 9% in 2017 and about 8% in 2018, from a projected 10.8% in 2016. This trend reflects declines in operating profit of the rated airlines of about 11% in 2017 and about 12% in 2018, widening from a projected 1.2% contraction in 2016. These rates of change fall within Moody’s -20% to 20% range for a stable outlook. “US

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