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.

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