Corporates
S&P Global Ratings rates over 4,600 corporates globally, giving us timely insight into cross-industry credit trends. This page is dedicated to delivering our most far-reaching, thought-provoking opinions to our stakeholders.
European Airlines Navigate Record High Jet Fuel Prices And Supply Constraints
- The Middle East war has led to major supply chain disruptions and uncertainty around the restoration of Gulf oil flows, driving jet fuel prices to record highs and leading to a surge in one of airlines’ largest expenses.
- European airlines are responding with revenue management and cost controls, but credit impacts will vary based on hedging strategies, ratings headroom, liquidity buffers, and regional exposure.
- S&P Global Ratings expects the larger, more resilient European airlines to mostly withstand immediate pressure on their credit metrics. Nevertheless, prolonged high jet fuel prices and physical supply disruptions could lead to material capacity cuts, lost revenue, and negative rating actions.
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The Global Alcohol Industry Faces A Sobering Reality
- Amid declining volumes, major alcoholic beverage companies are diversifying products and adjusting prices in efforts to capture downtrading and ease affordability concerns, but we see limited potential for further price increases, especially in mature markets, following strong post-pandemic price increases.
- In our base case, we anticipate ongoing portfolio reshaping through acquisitions, disposals, and expansion in fast-growing product categories, such as ready to drink (RTD), and in emerging markets, though mindful of key risks linked to geopolitical tensions, reduced consumer confidence, and rising raw material, shipping, and operating costs.
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