Economic Performance
Credit Ratings and Investor Relations
Maintaining strength in creditworthiness is imperative to the Airports Authority ’ s financial position , organizational reputation , and ability to achieve the lowest cost of capital . The Airports Authority maintains relationships and credit ratings with Fitch Ratings , Moody ’ s Investors Service and S & P Global Ratings . As of December 31 , 2022 , the Airports Authority ’ s credit ratings are as follows :
Airport System Revenue Bonds
Fitch |
Moody ’ s |
S & P Global |
AA- ( Stable ) |
Aa3 ( Stable ) |
AA- ( Stable ) |
Dulles Toll Road Revenue Bonds |
|
Moody ’ s |
S & P Global |
First Senior Lien |
“ A2 ”( Stable ) |
“ A ”( Stable ) |
Second Senior Lien |
“ Baa1 ”/” A1 ”( AGMC Insured )/( Stable )
“ Baa1 ”/” A2 ”( AGC Insured )( Stable )
|
“ A- ”/” AA ”( Insured )( Stable ) |
Subordinate Lien |
“ Baa2 ”/” A1 ”( Insured )/( Stable ) |
“ A- ”/” AA ”( Insured )( Stable ) |
Investor Relations are at the forefront of financial transparency efforts , and the Airports Authority has a multi-tiered approach to keep investors , financial partners , and other stakeholders abreast of relevant information . The Airports Authority provides voluntary disclosures and informational updates on an Investor Relations page concerning activities and finances and responds to bondholder inquiries in a timely manner . Monthly unaudited financial statements are made available each month on the Airports Authority ’ s website after review by the Board of Directors . Further , under its Continuing Disclosure Agreement obligations , required information is filed with the Electronic Municipal Market Access database .
Economic Performance 88