S&P Global Ratings reaffirmed its long-term rating of ‘A’ for Ontario International Airport Authority (OIAA) revenue bonds outstanding given the airport’s “robust enplanement recovery that now exceeds pre-pandemic levels and will support financial metrics consistent with a strong financial risk profile.”
S&P Global said three key credit strengths contributed to the ‘A’ rating:
- Robust air travel demand supported by favorable service area economic fundamentals, including a large, growing population base and ample employment opportunities.
- Strong management and governance, with management that we consider capable in operating an airport of this size, and a conservative approach to financial and capital planning.
- Strong liquidity position.
The ratings agency further said its outlook for the OIAA is stable.
“We are proud of the S&P rating as Ontario International Airport continues to gain appeal among airlines and air travelers and our financial position remains strong and stable,” said Celeste Heinonen, OIAA chief financial officer. “Ours is the 12th largest metropolitan area in the United States and top job producing area in California, passenger volumes are at record levels and our aviation partners continue to show confidence in our facilities and services. I can say with great confidence that our airport, operations and people are a good bet.”
Ontario International Airport set a record for passenger volume in a single month in May, is poised to welcome 2 million passengers during the summer travel season and is on track to receive 7 million air travelers in calendar year 2024, high points since the airport’s transition to local control in 2016.
Ontario is also the 9th busiest U.S. air cargo hub.
S&P Global Ratings is a leading provider of credit ratings with more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities.
