Fitch Downgrades LAX Skylink Debt to B-
The ratings agency cut the people mover's debt after its contractor said the train will not open by its December deadline.
Updated on Nov. 12, 2026 in Air Travel
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Fitch Ratings lowered the debt rating on the Skylink people mover at Los Angeles International Airport from BB to B-, four months after its previous rating. The downgrade reflects the near certainty that LINXS will not have the 2.25-mile train running by its Dec. 8 deadline.
Why it matters
The project is more than $1 billion over its original construction budget and three years behind schedule, and the missed deadline could trigger a technical event of default. For Los Angeles, the outcome affects a key transit link tied to the city's broader $30 billion airport overhaul.
Fitch lowered the project's debt from BB to B- four months after its prior rating, reflecting a 2.25-mile train that is three years behind schedule and more than $1 billion over its original construction budget. Whether the contract will be terminated after the Dec. 8 deadline remains unresolved.
The players
LINXS
LINXS is the contractor building the Skylink people mover at Los Angeles International Airport, and it has filed a complaint against the city over the project.
Los Angeles World Airports
Los Angeles World Airports is the department of the city of Los Angeles that operates LAX and oversees the Skylink people mover project.
Fitch Ratings
Fitch Ratings is one of the three major credit rating agencies, and it lowered the debt rating on the Skylink project from BB to B-.
The details
LINXS has said the Skylink train will not be ready until February 2027 or later, and it has filed a complaint against the city over the summer. Meetings between the contractor and airport chief executives stopped in August, and officials say the project is 99% complete. Agreements to implement solar energy on the project have not been signed with the city's water and power departments.
Timeline
Initially 2023: The train was originally slated to open.
August: Meetings between the contractor and airport chief executives stopped.
Dec. 8: Deadline for the train's completion.
February 2027: The contractor says the train will not be ready until then or later.
Season Trajectory
The Skylink delay pushes the train's opening back three years from its original 2023 target, and the new February 2027 date or later would fall well after the airport's planned overhaul milestones. The downgrade signals that the project's financial standing is weakening as the schedule slips further.
Travelers flying through Los Angeles International Airport should not count on the Skylink people mover being available for connections before February 2027 or later. Plan airport transfers using existing shuttle and ground options until the train opens.
The takeaway
Large infrastructure projects that fall years behind schedule and far over budget can quickly lose financial standing, which matters for both travelers and taxpayers. Watching the December deadline will show whether the contract is terminated or the project is extended.
What happens next
The Skylink train's completion deadline is Dec. 8, 2026, after which the contract may be terminated, subject to a 120-day buffering period.
Further reading
For more on how airport projects are shaping flying in the region, explore Air Travel coverage for Los Angeles.
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