Airport World

Passenger numbers in most of Asia-Pacific should return to pre-pandemic levels over the next 12-18 months, according to S&P Global Ratings, during which time it believes that industrywide capacity constraints, due to supply-chain issues, should support load factors and ticket fares.

S&P notes that, as of August 2023, the region’s revenue passenger kilometres, or RPK, reached 93% of pre-pandemic levels. This is more than 35% above levels in December 2022, and in the credit rating agency’s view, is largely attributable to the relaxation of Chinese border restrictions since the beginning of the year.

It says: “Our forecasts are based on data from 17 listed, but publicly unrated airlines, that make up 75% of market capitalisation for airlines in Asia-Pacific. We also derive data from the 12 airports and three aircraft leasing companies we rate in the region.

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