-

KBRA Releases Research – Russia’s Invasion of Ukraine: Airlines Choose Different Paths Amid Russian Airspace Ban

NEW YORK--(BUSINESS WIRE)--KBRA releases commentary discussing the impact of airspace closures around the world that have resulted from the ongoing conflict between Russia and Ukraine, focusing on airlines’ potential financial losses from the Russian ban on Western flights transiting Russian airspace in addition to recent spikes in oil prices.

While North American airlines do not heavily rely on Russian airspace for international flights to Asia, most European carriers are facing a significant impact on their Asian networks as major, costly detours are required to continue serving these routes. This has led to flight cancellations as such routes become unprofitable, which has been exacerbated by higher jet fuel prices.

KBRA believes that this conflict, including the ongoing and potential expansion of airspace closures that have resulted from it, is credit negative for the already fragile recovery of long-haul international travel as the sector tries to recapture capacity from COVID-related declines. KBRA will continue to closely monitor events as they unfold and publish commentary as it relates to global aviation’s economic recovery.

Click here to view the report.

Related Publications

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Contacts

Marjan Riggi, Senior Managing Director
+1 (646) 731-2354
marjan.riggi@kbra.com

Danise Chui, Managing Director
+1 (646) 731-2406
danise.chui@kbra.com

Boris Alishayev, Senior Director
+1 (646) 731-2484
boris.alishayev@kbra.com

Jillian Freeman, Analyst
+1 (646) 731-1262
jillian.freeman@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 (646) 731-2369
arielle.smelkinson@kbra.com

KBRA

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Marjan Riggi, Senior Managing Director
+1 (646) 731-2354
marjan.riggi@kbra.com

Danise Chui, Managing Director
+1 (646) 731-2406
danise.chui@kbra.com

Boris Alishayev, Senior Director
+1 (646) 731-2484
boris.alishayev@kbra.com

Jillian Freeman, Analyst
+1 (646) 731-1262
jillian.freeman@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director
+1 (646) 731-2369
arielle.smelkinson@kbra.com

More News From KBRA

KBRA Comments on Driven Brands Holdings Inc.’s Form 8-K Restatement Disclosure

NEW YORK--(BUSINESS WIRE)--Driven Brands Holdings Inc. (Driven, or the Company), a franchisor and operator of various automotive services businesses, filed a Form 8-K on February 25, 2026, disclosing that the Company identified material errors in certain previously issued financial statements and concluded that affected historical financial statements (and the related audit report) should no longer be relied upon and will require restatement. Driven Brands, Inc., a wholly-owned indirect subsidi...

KBRA Assigns Preliminary Ratings to BMO 2026-5C14

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BMO 2026-5C14, a $766.7 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 95 properties. The collateral properties are located throughout 29 MSAs, of which the three largest are New York (14.9% of pool balance), Las Vegas (12.2%), and Tampa (8.5%). The pool has exposure to all major property types, with six types representing more than 10.0% of t...

KBRA Releases Research – Federal Student Loan Defaults: DOE Enforcement Delays Temper Consumer Credit Risk

NEW YORK--(BUSINESS WIRE)--KBRA releases research discussing the resumption of federal student loan collections and the implications for securitized consumer credit performance in 2026. The U.S. federal government ended forbearance on student loan interest in late 2023, and in mid-2025 it announced the resumption of collections on defaulted student loans. Many viewed this as the official end of pandemic-era borrower protections and a potential source of meaningful headwinds for consumer credit....
Back to Newsroom