Press Releases - 2014 Archives
Phoenix Sky Harbor Airport Bond Rating Among Highest in the Nation
Phoenix, Arizona-- Standard and Poor’s Ratings Services (S&P) affirmed its ‘AA-‘ rating on Phoenix Sky Harbor International Airport’s senior-lien revenue bonds. S&P also affirmed its ‘A+’ ratings on the airport’s junior-lien revenue bonds.
“S&P's affirmation of Sky Harbor's long-standing 'AA-' Senior Lien rating is among the highest ratings achieved by any airport in the country,” said Phoenix Mayor Greg Stanton. “S&P’s affirmation assures that Sky Harbor has access to the most attractive credit terms the market has to offer.”
Standard and Poor’s is one of the world’s most respected and widely used sources for credit ratings, providing information that helps investors to analyze credit risk. The international ratings organization noted the following in its report:
- Solid, predominately origination and destination (O&D) market, at 58 percent, and the primary airport in the state;
- Experienced and effective administrative team that employs prudent and conservative financial and debt management practices; and
- Excellent integration of airport and city decision-making
Only eight other airports in the entire country share this status. And the higher the bond rating, the lower the interest rates and the less the airport has to pay to borrow the funds.
Phoenix City Councilman Daniel Valenzuela, who chairs the Downtown, Aviation and Redevelopment Subcommittee said, “Thanks to their leadership and teamwork, Phoenix Sky Harbor International Airport continues to be recognized world-wide for its excellent financial management.”
Revenue bonds are used to fund large airport projects such as the PHX SkyTrain®.
“Thanks to the strong leadership of the Phoenix Mayor and City Council, we are focused on exercising conservative financial management practices which have helped us to maintain this outstanding rating,” said Acting Aviation Director, Tamie Fisher. "This takes an enormous amount of work by the staff at every level in the organization."