Aena Signs New Loans (1.075 billion euros); Achieves A Cash Position That Allows It To Cover 1 Year Of Costs


AENA has signed new loans with various financial institutions for a total of 1.075Bn euros. The loans have a maturity of between 1 and 4 years and will boost the firm’s liquidity to 2.425Bn euros (from 1.350Bn previously). AENA also has the possibility of increasing it further with the Euro Commercial Paper (ECP) programme up to 900Mn euros, of which 495Mn are still available. Furthermore, the company expects to close additional loans in the coming weeks.

These loans will allow the Spanish airports’ operator to safely cover more than 12 months of operational and financial costs (about 1.5Bn euros) and to meet debt maturities (630Mn in 2020).

Meanwhile, the company demonstrates that it has additional financing capacity if necessary.

This week, Moody’s maintained the company’s rating at A3, supporting its solid financial position. But it lowered the outlook to Negative (from Stable), due to the high degree of uncertainty generated by Covid19. The rating agency believes the airport sector is directly affected by the virus, due to travel restrictions and high sensitivity to consumer confidence and demand. This should have a temporary and isolated impact in 2020. Airports are a basic infrastructure, which will recover its activity after the virus.

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