Moody's downgrades Aeris

Moody's downgrades Aeris

Bonds Capital Markets Debt Fixed Income Project & Infrastructure Finance Costa Rica Central America Coronavirus

Moody's said it downgraded Costa Rican airport concessionaire Aeris Holding by two notches to B3 as "minimal levels of traffic" erodes the company's cash holdings. "Despite the recent reopening of the airport, our updated enplanement scenarios incorporate a much slower recovery in 2020 and the continuation of poor volumes in 2021," Moody's said in a report on Tuesday. In the meantime, Aeris will keep spending cash to sustain its operations and will likely draw down from a six-month debt service

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