Friday, October 27, 2017 at 9:12 AM - For Immediate Release
Moody’s Investors Upgrade Sacramento Intl Airport Credit Rating
SACRAMENTO - Moody’s Investors Service has upgraded the credit rating on Sacramento County Airport Revenue Bonds from A3 to A2 for senior lien debt and from Baa1 to A2 for subordinate lien debt. The upgrade applies to approximately $758 million in senior lien and $275 million subordinate lien debt.
The upgrade reflects the investment community’s confidence in Sacramento International Airport. Moody’s cited the airport’s ability to manage debt through a new five-year use and lease agreement with its airlines; the airport’s 5.2 percent rise in enplanements in 2017, and the growing service economy in Sacramento County as evidenced by the opening of the Golden1 Center, the expansion of the Sacramento Convention Center and the opening of Amazon’s 10th fulfillment center.
Terminal B and some runway improvements were financed primarily through the sale of revenue bonds.
The Sacramento County Department of Airports is responsible for planning, developing, operating and maintaining the county’s four airports: Sacramento International Airport, Executive Airport, Mather Airport and Franklin Field. Sacramento International Airport offers more than 155 daily nonstop flights on 12 domestic and international carriers to 36 destinations. The regional economic impact of the Sacramento County Department of Airports is more than $4 billion annually. For more information, visit sacramento.aero.