Fitch assigns Aena short-term F1

Fitch Ratings said it assigned a short-term issuer default rating of F1 to Aena SME, SA.

Fitch also said it affirmed Aena's long-term issuer default rating at A with a stable outlook.

Aena is a large diversified network of airports with more than 90% origin & destination (O&D) traffic and low concentration of airlines, Fitch said.

The company's debt is largely amortizing and fixed-rate and its current financial profile is strong, the agency said.

However, capital expenditure requirements are expected to be higher in the next regulatory period starting from 2022, compared with the previous five-year period, Fitch said.

That is because Aena is undertaking enhancement projects at Madrid, Barcelona and other airports, the agency explained.

Visibility is limited on the medium-term evolution of the company's capital structure following government approval for more mergers and acquisitions activity in the current business plan, Fitch added.

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