S&P Global – Transportation Infrastructure Industry Credit Outlook

The global transportation infrastructure industry's credit outlook for 2025 is stable, with most asset classes showing credit recovery and focusing on capital investments and shareholder returns. Airport and toll operators are expected to advance projects and expand networks through M&A activity. Volume growth is anticipated across most asset classes, with mobility patterns normalizing to 3% growth correlated to slower economic performance. Operating margins are expected to remain stable, but geopolitical tensions and trade protectionism policies could introduce volatility and uncertainty for certain issuers. The impact on port operators and the logistics value chain is uncertain and difficult to measure precisely at this time.