Standard and Poor's Ratings Services (S&P) affirmed its "AA-rating" on Phoenix Sky Harbor International Airport's 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 that the airport serves as the state's largest, maintains good revenue diversity, and is attractive to airlines in large part due to the low operating costs. The report outlines the experienced and effective administrative team that employs conservative financial and debt management practices, and the airport's solid financial performance.
S&P's is one of the world's most respected and widely used sources for credit ratings, providing information that helps investors to analyze credit risks and determine the bond interest rates.
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 Phoenix Sky Train and airport improvements.
"I would like to thank Phoenix Airport Director Danny Murphy, and his team, and Phoenix Finance Director Jeff Dewitt, and his team," Phoenix City Manager David Cavazos said. "Thanks to their leadership and teamwork, Phoenix Sky Harbor International Airport continues to be recognized world-wide for its excellent financial management."