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Ontario International Airport Authority’s revenue bonds outstanding rating has been raised from A-minus to A by S&P Global Ratings.
The rating increase was due to the airport’s strong rebound from the pandemic, stable passenger levels above pre-pandemic numbers, and significant cash reserves. The rating agency also noted that the airport has a stable outlook.
S&P Global reported that the rating increase reflects the airport’s improved market position, strong enterprise risk profile, and strong financial metrics.
Booking.comKey credit strengths contributing to the higher rating include strong air travel demand supported by favorable economic fundamentals, robust management and governance, and a strong liquidity position bolstered by federal stimulus aid.
The airport had over 5.7 million passengers in 2022, outpacing pre-pandemic numbers by 2.8%, making it the highest annual passenger volume since 2008. Additionally, air cargo shipments have also outpaced 2019 volume by nearly 9%, maintaining Ontario’s position as a major commerce and logistics hub.