SAN Miguel Corp.'s (SMC) successful bid for the P171-billion Ninoy Aquino International Airport (NAIA) modernization project will have a 'manageable impact' on its credit profile despite the huge capital expenditure (capex) involved, a Fitch Group unit said on Monday.

A San Miguel-led consortium that also includes RMM Asian Logistics Inc., RLW Aviation Development Inc., and South Korea's Incheon International Airport Corp. was announced last week as the winner of a 15-year contract to rehabilitate and operate the NAIA, with the possibility of a 10-year extension.