Prague Airport reveals strong financial stability
The Moody’s Investors Service, renowned rating agency, has confirmed that Prague Airport has maintained strong capacity to meet its financial commitments.
Prague Airport maintains very strong capacity to meet its financial commitments. The Moody’s Investors Service, renowned rating agency, has confirmed its creditworthiness rating of Aa3 with a negative outlook. Considering the rating of the Czech Republic, this is the highest rating the airport could have achieved. The reason for re-awarding Prague Václav Havel Airport (PRG) this high rating, which it has defended despite the impact of the pandemic and the energy crisis, is primarily the company’s strong financial profile.
“Prague Airport has managed its operations in a very responsible manner for a long time, and despite the air traffic slow-down due to the pandemic and the current energy crisis, starting this year (2022), the company certainly reverts to profitable economics. I am very happy that the strong financial stability of our company has also been confirmed by such renowned agency as Moody’s,” commented Jiří Pos, Chairman of the Prague Airport Board of Directors.
According to Moody’s, Prague Airport can benefit especially from its very strong financial position, from the low level of indebtedness and, among other things, from the high volume of secured credit lines with banks. Moody’s also highlighted the ability of Prague Airport to flexibly manage operating and investment costs during the pandemic, as well as the company’s preparedness in the context of the energy crisis. With regards to this year’s (2022) challenging season, it was also appreciated that, unlike other airports in Europe, the company did not face a critical shortage of staff.
Competitive and stable airport charges, and the company’s strategic role as the owner and operator of critical infrastructure in the Czech Republic were additional factors with a positive impact on the evaluation.