Airport Revenue Bonds, which are used to help fund major projects at Phoenix Sky Harbor International Airport, have maintained an excellent bond rating by both Standard & Poor’s (S&P) and by Moody’s Investors Service.
The City of Phoenix Senior Lien Bonds were affirmed at ‘Aa3’ from Moody’s and “AA-” from S&P, ratings which are among the highest afforded to airports
nationwide. Junior Lien Airport Revenue Bonds Series 2010A, 2010B and 2010C bonds have received an “A1” rating by Moody’s and an “A+” rating by S&P.
According to an official report issued by S&P, the City has an “experienced and effective administrative team that employs prudent and conservative financial and debt management practices.”
Phoenix Mayor, Phil Gordon, was delighted with the report, saying: “While we all continue to face difficult economic times, this Airport Revenue Bond rating reflects the Phoenix airports’ strength and stability. The airports are a $33 billion economic engine for the region, pumping money into the economy at a time when it’s desperately needed.”
Airport revenue bonds help to fund large projects and airport improvements on facilities such as initial components of the PHX Sky Train, land acquisition and terminal and airfield improvements.