S&P Global Ratings Upgrades Bradley International Airport Revenue Bond Rating to ‘A+’

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The Connecticut Airport Authority (CAA) announced that credit rating agency S&P Global Ratings has upgraded Bradley International Airport’s rating on its General Airport Revenue Obligations (GARB).

S&P Global Ratings assigns a credit rating to airport public debt bonds.

The rating was upgraded from ‘A’ to ‘A+’, with a stable outlook, on the airport’s approximately $78.7 million outstanding Airport Revenue Bonds Series 2011A and 2011B.

“The S&P Global Rating highlights our efforts to remain competitive, resilient and financially savvy,” said Kevin A. Dillon, AAE, CAA Executive Director.

“We are very pleased to have achieved this improved rating, signifying our return to pre-pandemic financial strength, despite the many significant challenges faced due to the pandemic.

“This rating is a major indicator of our excellent overall position in the aviation industry as we continue to recover and drive growth at Bradley International Airport.”

“Today’s announcement of the S&P Global Ratings upgrade for Bradley International Airport is fantastic news for Connecticut, especially after Spirit Airline announced nonstop service from Bradley to Jamaica”, said state treasurer Shawn Wooden, who is also a CAA board member.

“This credit rating upgrade reflects Standard & Poor’s assessment of Bradley’s importance to our region and his anticipated continued success.

“Congratulation to all participants !”

S&P Global’s rating rationale cites Bradley International Airport:

  • Strong market position with good overall level of base demand (..), strong origin and destination nature, good carrier diversity with recently added air routes and proximity to relatively large population centers;
  • Very strong financial risk profile, reflecting the airport’s relatively low debt load (…) and our expectation that coverage, debt capacity and a liquidity position will be maintained (…); and
  • Very strong management and governance, with management’s track record of prudent financial planning and capital practices that has contributed to strong and recently improving financial performance.
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