Fitch lowers Bradley Airport's outlook to 'negative'

Photo | Contributed Bradley International Airport in Windsor Locks.

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By Sean Teehan

Fitch Ratings revised downward Bradley International Airport's outlook from stable to negative amid travel restrictions and uncertainty created by the COVID-19 crisis.

Bradley, which maintains an “A” rating by Fitch, was one of five local and regional airports for which the New York credit agency downgraded outlooks to negative last week. Fitch also downgraded the ratings of five other local and regional airports.

Kevin Dillon, executive director of the Connecticut Airport Authority, which oversees Bradley, said Fitch's revision of Bradley's outlook appears largely related to problems scourging all airports.

"For all intents and purposes the entire transportation sector has been put in a negative outlook, so it's not unique to Bradley," Dillon said. "Until there's more certainty about opening up the economy, I imagine it's going to stay with a negative outlook."

That Fitch left Bradley's “A” credit rating intact demonstrates the airport's financial strength during a period in which passenger traffic there is down by 90% on some days, Dillon said.

Despite the drastic reduction in customers as Bradley's two international airliners -- Aer Lingus and Air Canada -- have suspended flights and others cancel routes and flights amid the COVID-19 crisis, the Windsor Locks-based airport has built up reserves that can weather this period, Dillon said. Exactly how much revenues have dropped off due to Covid-19-related issues won't be clear until about a month from now.

Despite the lower passenger travel, Bradley's cargo business has seen very little disruption, Dillon said. The airport's cargo business has grown significantly in recent years, especially with Pinnacle Logistics, which ships packages for Amazon, moving into the airport in 2018.

Sit-down restaurants are currently closed at the airport, Dillon said, but takeout concessions are still available. While Dillon considered asking the state for a waiver to allow the airport to open its sit-down eateries, he's put that on ice for now, since the concessions Bradley has open are enough to serve the customers it currently has.