Wayne County Airport Authority Receives Positive Rating Boost Ahead of New Airport Revenue Bond Issue
The Airport Authority that operates Detroit Metropolitan Wayne County Airport (DTW) and Willow Run airport (YIP), recently received a credit rating boost from Wall Street, as it prepares to issue new airport revenue and refunding bonds in the financial markets later this month. Fitch Ratings announced Monday that it has upgraded the Wayne County Airport Authority’s bond rating to ‘A’ from ‘A-’, citing favorable operating and financial trends, a strong cost recovery structure and modest capital needs among other factors. Moody’s and Standard & Poor’s affirmed the airport’s current ratings and stable financial outlook. (Moody’s ratings: Senior Lien ‘A2’, Junior Lien ‘A3’; Standard & Poor’s ratings: Senior Lien ‘A’, Junior Lien: ‘A-’)
“We appreciate the vote of confidence these ratings demonstrate for our team and operation,” said Wayne County Airport Authority CEO, Joseph Nardone. “Through strong leadership from our Board members, public officials, airline partners and employees we are positioning our airports and community for even greater growth and progress in the future.”
Proceeds from the Airport Authority’s Series 2017 Airport Revenue bonds will be used for airfield infrastructure projects, fleet and equipment purchases, bridges and roadway rehabilitation and various terminal improvements.
