U.S. Airport Activity Will Soar Back
The TSA screened 2+million travelers two days last week and one day this week. This is still at least 20% below pre-COVID-19 numbers.
It took years for enplanements to recover after 9/11 and the Great Recession. We think this time enplanements will recover faster, probably by end of 2023 or sooner if business travel resumes.
We raised our credit outlook on the Airport sector two notches to “Stable” in March and will leave it there for now.