Fitch downgrades Manchester Airport outlook from stable to negative

Fitch Ratings has revised Manchester Airport Group’s outlook to negative from stable while affirming the group’s senior secured notes at ‘BBB+’. Fitch said that the negative outlook reflects the ongoing uncertainty relating to the timing and duration of the traffic shock and recovery triggered by the COVID-19 pandemic, especially in light of MAG’s exposure to potentially more volatile leisure traffic, airline concentration with Ryanair and competition faced by at Stansted Airport. “MAG’s liquidity position is comfortable throughout 2020 with no upcoming bullet maturities until 2024. We currently assume a progressive recovery from the 2020 shock but if the severity and