Southern California gateway earns higher rating for robust pandemic recovery and strong financial management
(Ontario, California – March 1, 2023) – S&P Global Ratings raised its long-term rating for Ontario International Airport Authority revenue bonds outstanding to A from A-minus because of the airport’s substantial recovery from the COVID-19 pandemic, passenger volumes sustained above pre-pandemic levels and significant cash reserves. The ratings agency further said its outlook for the OIAA is stable.
“The upgrade reflects our view of the airport’s improved market position and strong overall enterprise risk profile, driven by a substantial rebound in enplaned passenger levels that have been sustained above pre-pandemic levels and the expectation that the authority will maintain financial metrics consistent with a strong financial risk profile as it issues debt to fund its capital needs,” S&P Global reported.
Three key credit strengths contributed to the higher rating, according to the update:
“We couldn’t be more pleased by the S&P rating as Ontario International Airport continues to turn heads in its pandemic recovery,” said John M. Schubert, OIAA chief financial officer. “With our population base growing, passenger and cargo volumes remaining strong and our aviation partners showing even greater confidence in our facilities and services, we are looking forward to sustained growth and a bright future.”
Ontario International Airport welcomed more than 5.7 million air travelers in 2022, outpacing pre-pandemic 2019 by 2.8%. It was the airport’s highest annual passenger volume since 2008. Shipments of air cargo also outpaced 2019 volume by nearly 9% and maintained ONT’s position as a major commerce and logistics hub.
Ontario ranks among the 10 largest cargo airports in North America and, according to a recent analysis by Oxford Economics, serves as the hub of a global supply chain network that generates $17.8 billion in economic activity.
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.
2022 Charlotte Douglas International Airport Report of Achievement
Giving back to the community is central to what Charlotte Douglas International Airport and its operator, the City of Charlotte Aviation Department, is about, and last year was no different.
Throughout 2022, while recovering from the COVID-19 pandemic, we continued our efforts to have a positive impact on the Charlotte community. Of particular note, we spent the year sharing stories of how Connections Don't Just Happen at the Terminal - from creating homeownership and employment opportunities to supporting economic growth through small-business development and offering outreach programs to help residents understand the Airport better.
This whitepaper highlights the construction projects, initiatives, programs and events that validate Charlotte Douglas as a premier airport.
Download the whitepaper: 2022 Charlotte Douglas International Airport Report of Achievement.