Press Releases - Pre 2013 Archives
Phoenix Sky Harbor Airport Bond Rating is 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 (airport) outstanding senior-lien bonds. S&P also affirmed its ‘A+’ ratings on the airport’s outstanding junior-lien revenue bonds. The international ratings organization noted the following:
- The airport's financial performance has been solid, as evidenced by the maintenance of a low-cost, low-debt facility;
- Solid, predominately origination and destination (O&D) market, at 57%, 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
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. S&P's affirmation of Sky Harbor's long-standing 'AA-' Senior Lien rating, among the highest ratings achieved by any airport in the country, assures Sky Harbor access to the most attractive credit terms the market has to offer.
The higher the bond rating, the lower the interest rates and the less the airport has to pay to borrow the funds.
These revenue bonds help to fund large projects and airport improvements on facilities such as the PHX Sky Train and airport improvements.
“I would like to thank Phoenix Airport Director, Danny Murphy and Phoenix Finance Director, Jeff Dewitt as well as our private business partners,” said Phoenix City Manager, David Cavazos. “Thanks to their leadership and teamwork, Phoenix Sky Harbor International Airport continues to be recognized world-wide for its excellent financial management.”