http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=652191

The coming months will be an interesting time for U.S. airports as the ultimate direction of the broader economy will determine passenger traffic levels according to Fitch Ratings in a new report.

Passenger traffic is typically an important driver of airport revenues. Airport passenger traffic has fluctuated significantly over time. 'What direction the US economy heads into next year will make passenger traffic trends that much more paramount,' said Michael McDermott, a Managing Director in Fitch's Global Infrastructure Group.

'Year-to-year changes in overall passenger traffic appear to be closely tied to the general business cycle,' said James Batterman, Managing Director and research analyst in Fitch's Credit Policy Group. 'Airport traffic has generally followed the same basic trajectory as indicators such as GDP growth and consumer confidence over the past 20 years.'

Further analysis by Fitch reveals what at times are meaningful differences between different Fitch airport categories. This applies to both passenger traffic correlation to the business cycle, and gearing to it. 'Certain airport categories like major origination and destination may have the highest correlation to the business cycle,' said Batterman. 'On the other hand, airports categorized as leisure tend to experience higher historical traffic volatility and react more strongly to changes in key macro indicators than other airport categories.'

Fitch may incorporate more prospective traffic projections into its analysis of U.S. airports in conjunction with its macroeconomic forecasts next year. 'Developing a band of likely traffic volumes will help Fitch analysts shape base and stress case scenarios for ratings on U.S. airports,' said McDermott.

'Riding the Business Cycle: A Descriptive Overview of U.S Airport Traffic and Analytical Implications'' is available at 'www.fitchratings.com' under 'Latest Research' or by clicking on the above link.

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Fitch, Inc. James Batterman, CFA, +1-212-908-0385 Managing Director One State Street Plaza, New York, NY 10004, or Mike McDermott, +1-212-908-0605 Managing Director or Tom McCormick, +1-212-908-0235 Managing Director or Media Relations Sandro Scenga, +1-212-908-0278 [email protected]

Source: Fitch Ratings