FRESNO, CA – Fitch Ratings announced a credit upgrade of Fresno Yosemite International Airport’s outstanding airport revenue bonds to ‘BBB+’ with a Stable outlook from ‘BBB’. The agency identified continued growth in passenger enplanements, the region’s continued economic recovery, population growth, conservative budgeting methods, and outstanding financial metrics as drivers of the upgrade.
According to Fitch Ratings, Fresno Yosemite International Airport maintains a manageable and moderately sized Capital Improvement Plan (CIP) with no plans to issue further debt for major construction projects in the foreseeable future. Fitch Ratings also noted Fresno Yosemite International Airport’s manageable and conservative debt structure – all outstanding debt is fixed rate.
“The Fitch Ratings credit upgrade is the result of managing Fresno Yosemite International Airport in a fiscally responsible manner and enhances the Airport’s capability to meet future infrastructure needs,” said Director of Aviation Kevin Meikle.
Other upgrade considerations include improved liquidity, higher operating revenue, and effective cost containment. Fitch ratings also noted that the Airport’s large proportion of non-airline revenues has resulted in reasonable airline costs. Only 27 percent of the Airport’s revenue comes from airlines.
Fresno Yosemite International Airport’s credit upgrade from Fitch Ratings is the second upgrade received from a leading rating agency this year. In April, Standard and Poor’s Global Ratings (S&P) issued a ‘BBB+’ with a Stable outlook from ‘BBB’. Moody’s Investors Service is expected to issue its credit evaluation in early 2018.
Fresno Yosemite International Airport currently offers Valley passengers daily non-stop flights to Dallas, Denver, Las Vegas, Los Angeles, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, Seattle, and Guadalajara, Mexico on domestic and international carriers. Fresno Yosemite International Airport is a municipally owned entity operating as a self-supporting enterprise. No City of Fresno general funds are used to operate Fresno Yosemite International Airport or Fresno Chandler Executive Airport.
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