Moody’s upgrades Aena’s rating to A2 with stable outlook

Investing.com -- Moody’s Ratings has upgraded Aena S.M.E., S.A.’s long-term issuer rating and senior unsecured rating to A2 from A3, the agency announced Tuesday.

The rating agency also upgraded Aena’s senior unsecured MTN programme rating and its Baseline Credit Assessment to (P)A2 from (P)A3 and to a2 from a3, respectively. The outlook was changed to stable from positive.

This rating action follows Moody’s upgrade of Spain’s government rating to A3 from Baa1 on September 26. Aena’s rating remains one notch above the sovereign due to its stronger fundamental credit profile, demonstrated access to non-domestic financial markets, and significant international revenue, with more than two-thirds of traffic volumes in the Spanish network coming from international travelers.

The stable outlook mirrors that of the Spanish government. Moody’s noted that Aena’s financial profile suggests a higher rating than A2, with expectations that the company’s Funds from Operations (FFO)/debt ratio will remain at least in the high twenties over the next 12-18 months.

Traffic at Aena’s Spanish airports increased by 4.1% in the first eight months of 2025 compared to the same period in 2024. Moody’s expects this positive trend to continue, with traffic volumes in Spain reaching at least 320 million passengers for the full year 2025.

On September 18, Aena announced investment proposals of €12.8 billion for the 2027-31 regulatory period, with €10.0 billion allocated to regulated activities. This amount is significantly higher than investments in the current regulatory period and will reduce the company’s free cash flows starting from 2027.

Moody’s expects Aena’s FFO/debt ratio to range between 35%-40% over the next 12-18 months, providing financial flexibility as the company enters the next regulatory period.

As of June 2025, Aena maintained a strong liquidity position with €950 million in cash and cash equivalents, a €2.0 billion undrawn sustainable revolving credit facility maturing in 2030, and €445 million of available financing with maturity up to 20 years. The company’s consolidated financial debt stood at €6.9 billion, with an average maturity of approximately six years.

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