- April 1, 2015: Vol. 8, Number 4

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Ratings round-up: North American airports, project finance default rates


The following report is a review of first quarter 2015 research notes by Moody’s Investors Service.


U.S. and Canadian airports are expected to boost capital expenditures within the next five years to accommodate growing passenger traffic and work through deferred maintenance, according to Capital Expansion Trends: Preparing for Growth, a report by Moody’s Investors Service.

Following the Global Financial Crisis, like in many parts of the world, air travel in North America declined, and now passenger growth has accelerated again, especially in the last half of 2014. Moody’s believes growth rates in mature markets in the United States and Canada will continue to gain momentum through 2018, as compared to the previous five-year period. The International Air Transport Association projects global passenger annual growth rate of 5.4 percent between 2013–2017, up from a prior 4.3 percent from 2

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