S&P Global Ratings has published a report examining the possible credit consequences of the rapidly evolving Russia-Ukraine conflict for rated European infrastructure companies.
S&P Global Ratings acknowledged a high degree of uncertainty surrounding the extent, outcome and consequences of the conflict, noting that sanctions and related political risks could likely remain in place for some time, which could lead to dislocated commodities markets (notably, oil and gas), supply chain disruptions, inflationary pressures, weaker growth and capital market volatility.
S&P said the conflict may also have some direct and potentially severe secondary effects, which may hurt other infrastructure businesses in the EMEA region.
The credit ratings company expects low operation impact on rated airports, predicting that air passenger traffic numbers will be 45 percent to 65 percent of 2019 levels in 2022, and 70 percent to 85 percent levels in 2023. Electricity pri
