Rhode Island
GoLocalProv | Business | S&P Global Raises RI Airport Corp Bond Rating to ‘A’ – Strong Passenger Numbers a Big Factor
Wednesday, Might 03, 2023
Rhode Island T. F. Inexperienced Worldwide Airport. PHOTO: File
S&P International Scores introduced that it has raised its score on first-lien particular facility income bonds issued for Rhode Island Airport Company (RIAC) via the Rhode Island Commerce Company to ‘A’ from ‘BBB+’ with a steady outlook.
The brand new score motion displays S&P’s evaluation of the restoration in Rhode Island T. F. Inexperienced Worldwide Airport’s (PVD) passenger visitors and the robust rebound in air journey, in line with RIAC.
“We recognize S&P’s affirmation of RIAC robust metrics of low price, growing enplanements, and glorious liquidity,” mentioned Iftikhar Ahmad, President and CEO of the Rhode Island Airport Company. “We’re grateful to all amongst our state’s management who’ve labored in partnership with us to assist our aviation-related economic system develop and prosper.”
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Rhode Island T. F. Inexperienced Worldwide Airport was only in the near past named a regional hub for Breeze Airways, in a significant enhance to the Rhode Island economic system.
Newest in Bond Upgrades
This newest improve marks the second time this 12 months that S&P has elevated bond rankings for RIAC.
In January 2023, S&P introduced that it raised its long-term score and underlying score for RIAC to ‘A’ from ‘A-‘ with a steady outlook on Rhode Island Commerce Company’s normal airport income bonds. Key credit score strengths cited by S&P on the time included RIAC’s:
- Very robust administration and governance, with a superb monitor report of working the main strains of enterprise and managing threat, as evidenced by excessive liquidity, conservative budgeting, and assembly monetary targets;
- Very robust liquidity and monetary flexibility, with a number of years of rising liquidity ranges, reaching $85.5 million in unrestricted money and equivalents at fiscal year-end 2022; and,
- Very robust debt and legal responsibility capability, with a manageable capital enchancment plan and no extra debt wants within the close to time period.
“RIAC’s workforce has been working tirelessly to strengthen the long-term monetary standing of the airport company,” Jonathan Savage, chair of RIAC’s Board of Administrators. “It’s gratifying to see this difficult work paying dividends in improved bond rankings.”
Concerning the Rhode Island Airport Company
The Rhode Island Airport Company (RIAC) was shaped on December 9, 1992 as a semi-autonomous subsidiary of the Rhode Island Commerce Company to function and preserve the state’s airport system. The powers of the company are vested in its seven-member board of administrators, all of whom are appointed by the governor.
RIAC is chargeable for the design, development, operation and upkeep of the six state-owned airports, and the supervision of all civil airports, touchdown areas, navigation services, aviation colleges and flying golf equipment. Along with Rhode Island T. F. Inexperienced Worldwide Airport, RIAC is chargeable for 5 normal aviation airports all through the state: Block Island, Newport, North Central, Quonset and Westerly.
For extra info go to RIAC at https://www.flyri.com.
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