SYRACUSE, NY – The Syracuse Regional Airport Authority (SRAA) today announced that Moody’s Ratings has upgraded the Authority’s credit rating to A3 from Baa1, reflecting the organization’s strengthened financial profile, disciplined capital planning, and continued strong operating performance at Syracuse Hancock International Airport.
Moody’s also assigned an A3 rating to SRAA’s forthcoming $47.4 million Senior Airport Revenue Bonds, Series 2026 (Federally Taxable). The rating agency cited improved clarity around SRAA’s capital program and materially reduced borrowing needs as key drivers of the upgrade.
“This upgrade is a strong validation of our financial stewardship and long-term strategic planning,” said Robin Watkins, Chief Financial Officer. “We have taken a disciplined approach to capital investment and strengthened our financial position while continuing to improve the passenger experience. This recognition from Moody’s reflects the strength of our team and the growing vitality of the Central New York region.”
According to Moody’s, the upgrade reflects several important factors:
- Enhanced financial flexibility, including improved liquidity enabling SRAA to fund certain capital projects with cash rather than debt
- A more defined and manageable capital plan, particularly with key facility needs, such as parking garage improvements being addressed through refurbishment
- Sustained passenger growth, with enplanements surpassing pre-pandemic levels
- Healthy debt service coverage, projected to average approximately 2.3x through fiscal 2031
Moody’s also highlighted SRAA’s dominant market position in Central Upstate New York, supported by a diverse regional economy anchored by healthcare, higher education, and defense institutions, including nearby Fort Drum. The agency further noted the long-term economic potential of the region, particularly driven by investments in the emerging semiconductor manufacturing sector, including major commitments from companies such as Micron, NextGen, and TTM Technologies.
SRAA’s forward-looking capital plan remains conservative, with only $27.6 million in additional Passenger Facility Charge (PFC)-supported bonds anticipated for a new baggage handling system. This measured approach is expected to maintain manageable leverage levels. Proceeds from the 2026 bond issuance will fund the development of a new consolidated rental car facility, supported by both customer facility charges and airport net revenues.
About the SRAA
The Syracuse Regional Airport Authority (SRAA) operates Syracuse Hancock International Airport (SYR) serving Upstate New York, providing a safe, convenient, seamless passenger experience while enhancing economic opportunity, development, and growth in the region. Established on August 17, 2011, the SRAA officially took over operations of the airport from the City of Syracuse on March 1, 2014. The SRAA’s vision is for SYR to be recognized as a best-in-class airport elevating the customer experience and exceeding stakeholder expectations, while using innovative technology and optimizing the economic prosperity of the region we serve.
To receive a copy of this document translated into a language other than English, please use the Recite Me application on the syrairport.org website, or contact the Title VI Coordinator at CivilRights@syrairport.org, or 315-455-3626.
