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    AEROMEX *   MX01AE010005

GRUPO AEROMÉXICO, S.A.B. DE C.V.

(AEROMEX *)
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End-of-day quote Mexican Stock Exchange  -  2022-12-01
164.00 MXN   +2.50%
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U.S. FAA to work with countries before downgrading aviation safety ratings

09/26/2022 | 02:17pm EST
FILE PHOTO: Planes are seen at the tarmac after the Federal Aviation Administration (FAA) temporarily halted flights arriving at New York City airports due to coronavirus disease (COVID-19) in New York

WASHINGTON (Reuters) - The U.S. Federal Aviation Administration (FAA) said Monday it will work with countries when it sees early indications that civil aviation authorities are not meeting safety standards. 

The FAA previously would offer assistance only after the country had been downgraded. Now the agency will be able to work with a country to address developing safety risks before downgrading it.

The FAA said if it notifies a country of a safety concern it will limit direct service and code sharing by foreign operators to current levels as it reviews whether to issue a downgrade.

In May 2021, the FAA downgraded Mexico's aviation safety rating, an action barring Mexican carriers from adding new U.S. flights and limits the ability of airlines to carry out marketing agreements with one another.

Over the objections of the Mexican government, the FAA downgraded Mexico - one of the most common international destinations for U.S. air travelers - from a level called Category 1, which signifies compliance with international standards, to Category 2, the lowest level.

Mexican authorities had promised that regaining the rating would be a "quick and easy process," but that has not been the case. The FAA did not immediately comment Monday on the status of Mexico's safety rating.

In June, Mexico said it hoped to return to Category 1 in the coming months, after seven meetings with FAA officials including a review in June.

Earlier this month, Aeromexico CEO Andres Conesa said its expansion plans depend on the FAA revising its rating for Mexico that the airline noted prohibits Mexican airlines from opening new routes to the United States. "The damage done by that is significant," Conesa said.

The FAA said Monday that 90% of countries rated achieved Category 1 and meet international air safety standards.

(Reporting by David Shepardson; Editing by Andrea Ricci)

By David Shepardson


© Reuters 2022
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Financials
Sales 2021 45 461 M 2 303 M 2 303 M
Net income 2021 -18 782 M -952 M -952 M
Net Debt 2021 56 625 M 2 869 M 2 869 M
P/E ratio 2021 -0,10x
Yield 2021 -
Capitalization 22 374 M 1 134 M 1 134 M
EV / Sales 2020 2,55x
EV / Sales 2021 1,29x
Nbr of Employees 13 868
Free-Float 90,9%
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Andrés Conesa Labastida Chief Executive Officer & Executive Director
Ricardo Javier Sánchez Baker Chief Financial Officer & Executive Vice President
Francisco Javier de Arrigunaga Gómez del Campo Chairman
James W. Sarvis Chief Operations Officer & Executive VP
Claudia Angélica Cervantes Muñoz Senior Vice President-Legal Affairs & Compliance
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