Turbulent times for airport issuers

The credit market dislocation has undoubtedly weighed as heavily on the European airport sector as it has on most other industries. And now that Europe is entering recession, we believe that the outlook for airports it at its lowest ebb since 2001-2002.

Indeed, some UK airports started to show early signs of weakening traffic at the end of 2007, and the trend now appears to have spread across to the rest of Europe. Moreover, 2009 is likely to prove an even more difficult year for most, as a good