Officials with Los Angeles International Airport Friday praised news that Moody’s Investors Service has upgraded the facility’s credit rating.
“We are pleased that Moody’s has recognized our continued efforts in managing Los Angeles International Airport’s credit profile,” Los Angeles World Airports Chief Financial Officer Ryan Yakubik said. “These ratings are a testament to the leadership of our Board of Airport Commissioners, our Chief Executive Officer Deborah Flint and the discipline we have shown in managing the country’s second busiest airport while implementing a multi-billion dollar capital program.”
LAX’s $3.4 billion in outstanding senior revenue bonds were upgraded to Aa2 from Aa3, and the $2.7 billion in outstanding subordinate revenue bonds — in addition to the bonds expected to price next week — were upgraded to Aa3 from A1.
Moody’s also maintained the outlook for LAWA as stable. Moody’s Investor Services is a leading provider in credit ratings, research and risk analysis.
“The upgrade to both ratings reflects the progress that the Los Angeles Department of Airports has made in procuring large access modernization projects such as the automated people mover and consolidated rental car facility under fixed price contracts, as well as continued progress of terminal renovation within program budgets,” the report in which the upgrade was announced this week stated. “LAWA has also been successful in achieving new lease agreements with rental car companies that provide for additional revenues to cover the cost of the new access facilities.”