Intermoney | Aena (AENA) (Hold, PO €24) announced on Tuesday after the market closed that Moody’s rating agency has raised its long-term debt rating to A2 from A3. The agency states that this move is explained by the recent improvement in Spain’s sovereign rating, in which Aena remains one notch above due to stronger credit fundamentals, demonstrated by its access to foreign banking markets. Moody’s adds that Aena benefits, among other things, from its dominant position in the Spanish airport sector with stable regulation and a fairly diversified customer (airline) portfolio.
Assessment: This is good news for Aena, whose rating, according to Moody’s, is limited only by the sovereign debt rating. The truth is that the operator has significantly improved its debt ratios since the pandemic, which it tackled, for example, by cancelling its dividend for three financial years. We currently estimate that Aena will close 2025 with a debt/EBITDA ratio of just over 1x. However, rating agencies will certainly pay attention to the implementation of the heavy investments envisaged in DORA III, amounting to some €13 billion, which could theoretically jeopardise its current rating.
