SHARE Moody’s Investors Service forecast a negative outlook for global airlines in 2021, with operators expected to lose money until 2022 due to the impact of Covid-19 on air travel demand. The credit rating agency does not expect passenger demand to make a significant return until the coronavirus vaccine is widely available and travellers are more confident about boarding a plane. “We have a negative outlook on the airlines [and] we expect operating losses to run through 2021 into 2022,” Moody's airline analyst Jonathan Root said during a podcast. The aviation industry is among the sectors that have been hit hardest by the pandemic, with the International Air Transport Association forecasting combined losses of $157 billion this year and in 2021.