Moody’s Ratings has upgraded nearly $3.8 billion in San Diego County Regional Airport Authority bonds, the agency announced.
The ratings service upgraded approximately $1.06 billion in outstanding senior airport revenue bonds to Aa3 from A1 and approximately $2.75 billion in outstanding subordinate lien bonds to A1 from A2.
Both are considered top prime positions, though they fall short of the top Aaa rating. Moody’s also revised the airport’s outlook from positive to stable, indicating that it is unlikely that another rating change is on the horizon.
“We are very pleased with our recent Moody’s upgrades to our bond ratings which reflects our strong market position that will hopefully continue to boost investor confidence,” said Kimberly Becker, President & CEO, San Diego County Regional Airport Authority.
She attributed the changes to “our successful continued construction progress on our new Terminal 1,” which she said is about 10 months away from opening. The Airport Authority is also on track to meet financial projections with the new terminal, she added.
In addition, Moody’s Ratings has affirmed the A3 rating on the authority’s outstanding $275 million in Consolidated Rental Car Special Facilities Bonds. That rating falls slightly short of those issued for the revenue and subordinate lien bonds.
Moody’s is a provider of credit ratings, research and risk analysis in an attempt to promote transparency in financial markets. Credit ratings and research help investors analyze risks associated with fixed-income securities.
The Airport Authority is a financially self-sufficient agency that does not rely on taxpayer dollars or city or county funds for its operations.
