
Global Airports 2021 Outlook (APAC)
Geographical Differences Reflect Business Models and Market Recovery
- How are the Australian and North American markets benefiting from domestic travel?
- What drives our negative outlook European, US, and Canadian airports?
- Can Indian airports still meet their ambitious capex programs?
- Which are the key factors differentiating airport credit quality?
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Arnon Musiker | Senior Vice President | Public, Project & Infrastructure Finance Group Moody's Investors Service
Arnon Musiker is a Senior Vice President and team leader for Moody’s Public, Project & Infrastructure Finance in Sydney. His primary responsibilities include the airport and utility sectors, toll roads, public private partnerships and coal logistics sectors, as well as the states and universities.
Arnon has over 20 years experience in the infrastructure and utilities sector in Australia, the Asia Pacific and South Africa, primarily with Deutsche Bank AG. He has also worked for Hambros Bank, Ernst & Young, and Fitch Ratings.
Arnon holds Bachelor of Commerce and Accounting Degrees from the University of the Witwatersrand, and is a member of the Institute of Chartered Accountants in Australia.

Nick Chapman is a Vice President – Senior Analyst in Moody’s APAC Public, Project& Infrastructure Finance team based in Sydney. Nick’s coverage for ratings and research spans airports, regulated utilities, power and gas companies and public private partnerships. Nick joined Moody’s Sydney team in early 2018, bringing a depth of experience from the Australian finance sector, including: transactions, asset management, portfolio management and Economics. Prior to joining Moody’s, Nick worked at Uni Super as the lead analyst for the infrastructure sector and portfolio manager for timberland and private equity, as well as holding previous positions at the Australian Office of Financial Management and the Australian Treasury. Nick is a CFA Charter holder, and holds Economics (Honours I) and Commerce degrees from the Australian National University.
Kurt Krummenacker is manager in the Americas Project Finance and Infrastructure team, which covers a portfolio of transportation, public power, and project finance in North and Latin America. Prior to joining Moody’s in March 2006, Kurt worked in several departments of the Port Authority of New York and New Jersey. Kurt is are tired U.S. Army Captain who served as a Blackhawk Helicopter pilot and commanding officer of several aviation, logistics, and administrative units primarily in the 101st Airborne Division. Kurt holds a BS in Economics from the United States Military Academy at West Point, a Master of Aeronautical Science from Embry-Riddle University, and an MBA in Finance from the Columbia University Business School.

Spencer Ng is a Vice President–Senior Analyst in Moody’s Public, Project & Infrastructure Finance team. Based in Singapore, Spencer is responsible for project finance and infrastructure credits, including power utilities, ports and airports in Southeast Asia.
Prior to joining Moody’s in 2007, Spencer worked for Ernst & Young Transactions Advisory Services in their Project Finance team. Spencer has also held various analytical and accounting roles at ANZ Bank, JP Morgan and State Street Australia.
Spencer holds a Bachelor of Economics and a Master of Commerce from the University of New South Wales. He is also a CFA charterholder.