Mexico City Airport Faces Financial Constraints Despite Renovations

Although recent investments have been announced for Mexico City's Benito Juárez International Airport (AICM), credit rating agency Moody’s warns that these resources are not intended to increase the airport’s capacity, but rather to enhance the passenger experience.

According to Moody’s analysis, the allocated funds are meant to renovate infrastructure, modernize equipment, and improve the quality of service within the terminals. The goal is not to handle more flights or passengers, but to address long-standing deficiencies in facilities and operations. AICM is already operating at or near its structural limits, and any true expansion would require much larger investments along with significant financial and technical risks.

Recent upgrades include the acquisition of security equipment such as explosive detectors and advanced imaging systems, runway rehabilitation, electrical system modernization, and the installation of LED lighting. Additional work has also been done on ceilings, floors, and drainage systems to improve safety and operational efficiency.

However, Moody’s also notes that a large portion of the airport’s income from the Airport Use Fee (TUA) remains tied to the debt issued for the now-canceled Texcoco airport project. This debt burden limits AICM’s ability to invest in expansion or long-term infrastructure improvements.

While the limit on operations per hour was recently increased from 43 to 44—potentially allowing up to one million additional passengers per year—Moody’s emphasizes that this is only a minor adjustment and does not address the airport’s structural challenges.

One of the most visible modernization efforts is the remodeling of Module XI in Terminal 1, completed with an investment of approximately US$3.07 million. The renovation was carried out using the airport’s own funds and without interrupting flight operations. Additional upgrades are ongoing in waiting areas, connecting corridors, security checkpoints, façades, and restrooms in both terminals.

Moody’s concludes that while these investments do enhance the airport’s service quality, they do not significantly increase operational capacity. A true expansion would require major additional funding, a solid financial plan, and a restructuring of the airport’s current debt obligations.