Ratings agency Standards & Poor’s has put Heathrow Airport’s principal funding vehicle on watch for a second credit downgrade in two months, as the travel industry around the world reels from the impact of government-imposed lockdowns and border closings.

Citing worldwide travel restrictions, weak economic conditions and social distancing measures related to Covid-19, the agency placed Heathrow Funding Ltd’s debt on “credit watch with negative implications”. Heathrow released news of the action to the market on 2 June, together with a response arguing that the company is in a “robust financial position”.