Fitch: Revenue Diversification Exposes EU Airports to New Risks

European airports’ renewed efforts to increase their non-aeronautical revenues can have a mixed impact on credit profiles, Fitch Ratings says. The strategy could help some airports perform better in a downturn if it results in a genuine diversification of revenue streams, but it can also expose them to new risks. Non-aeronautical revenues have been part of airports’ business models for many years, but a desire to maximise returns is driving new approaches to income diversification. Some airports have gained exposure to commercial real estate. For example, Brussels Airport has increased revenues by offering long-term land leases to third party real