The low cost business model is best placed to whether the COVID 19 pandemic’s impact on airlines’ balance sheets, according to S&P Global Ratings, whose latest analyst report leaves just three carriers at investment grade; Southwest, Ryanair and easyJet. The three short-haul, leisure focussed carriers have a business model suited to the expected recovery trajectory for air travel S&P Global said in its report which was pessimistic over the medium-term outlook for the aviation industry. S&P Global revised its forecast of future passenger levels which suggested a full rebound in numbers may not occur until after 2024. “The International Air

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