Smaller airports, transfer hubs, and airports with a large proportion of business from only one or two airlines will be most vulnerable if the remaining U.S. legacy airlines continue to consolidate, Fitch Ratings said in a report issued yesterday.

“Fitch believes that larger airports with strong underlying demand and modest leverage are generally in a better position to address these circumstances with more options,” the report said. “Smaller airports, or those with high debt burdens, high connecting traffic, or elevated carrier concentration, will likely face more difficulty in responding to the repercussions of carrier mergers.”

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