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Feb 1 2021, 06:45 GMT
As referenced in our recent sector note, we see Ryanair as a structural winner in a post-COVID world. Winter lockdown and accelerated cabin crew training lead to larger winter losses. However, growth – including 24 new aircraft this summer, key low-cost airport deals and a BBB balance sheet – leaves it very well placed to capture the recovery in the marketplace. A climate protection rating of B- from CDP should also be noted.