Hi Jack,
I was curious so I went looking for this information. Itâs harder to assemble than one might think. The major rating services track airport bonds as they do other municipal bonds. However, the information isnât consolidated in an accessible form. Most of the ratings are paywalled. Even where it is accessible, the data are scattered and require considerable searching. The best available information seems to be directly from airport statements about their own ratings. I was able to persuade ChatGPT to assemble an incomplete table from 2025 public data: âď¸ Top 25 U.S. Airports â Bond Ratings Snapshot Airport Moodyâs S&P Global Fitch HartsfieldâJackson Atlanta (ATL) Aa3 (seniorâlien) AAâ AAâ Los Angeles International (LAX) Aa3 (subordinate) AA AAâ Chicago OâHare (ORD) A2 (seniorâlien) A+ A+ Dallas/Fort Worth (DFW) (assumed similar) A+ / AAâ A+ A+ Denver (DEN) AAâ / A+ AAâ AAâ John F. Kennedy (JFK) Baa3 (passengerâfee bonds) BBBâ â San Francisco (SFO) A+ (secondâlien) â â SeattleâTacoma (SEA) (system fuel bonds) A+/Aa3 â â Miami (MIA) A (aviation revenue) â â Orlando (MCO) AAâ (seniorâlien) AAâ AAâ Charlotte Douglas (CLT) Aa3 (airport revenue) AAâ AAâ Phoenix Sky Harbor (PHX) A (CFC bonds) A/Stable A/Stable Las Vegas Harry Reid (LAS) AA (seniorâlien) AAâ â Boston Logan (BOS) A+ (CFC) A/Stable â MinneapolisâSt Paul (MSP) AAâ (seniorâlien) AAâ AAâ San Diego (SAN) AAâ (seniorâlien) â AAâ Tampa (TPA) AAâ (seniorâlien) â AAâ Houston (IAH & HOU) A (subordinate) â A San JosĂŠ (SJC) A (seniorâlien) â A Chicago Midway (MDW) A (secondâlien) â A Fort Lauderdale (FLL) A+ (airport rev bonds) â A+ Austin (AUS) A+/AAâ A+/Stable AA/Stable New Orleans (MSY) A (CFC) A/Stable â Augusta (AGS) Aâ (CFC) Aâ â Bradley (BDL) A (CFC) A â _____ Summary & Insights * Overall strength: Most major hub airports (ATL, LAX, ORD, DEN, MSP, SAN, TPA, CLT) maintain strong investment-grade ratings (AAâ to A) with Stable outlooks. * Notable exceptions: * JFK rated lower (Baa3 / BBBâ) due to ongoing terminal redevelopment listed in investor reports <https://www.fitchratings.com/research/us-public-finance/fitch-takes-rating-actions-on-us-large-airports-major-hubs-amid-progression-in-travel-recovery-03-08-2021?utm_source=chatgpt.com> fitchratings.com+14fitchratings.com+14bondbuyer.com+14 <https://www.marketwatch.com/story/these-5-000-bonds-can-help-you-fix-a-stock-heavy-portfolio-fe1b83fa?utm_source=chatgpt.com> seekingalpha.com+5marketwatch.com+5moodys.com+5. * AUS, LAS, ORL have achieved AAâ senior-lien status, reflecting post-pandemic recovery <https://www.spglobal.com/ratings/en/research/articles/240618-u-s-transportation-infrastructure-airport-update-air-travel-rides-the-jetstream-for-now-13146290?utm_source=chatgpt.com> spglobal.com+1fitchratings.com+1. * Fuel/CFC bonds (like SEA fuel, PHX CFC) often have separate ratings but generally align with system bonds. _____ Takeaway Bond investors view large U.S. airports as stable, well-capitalized entities with reliable revenue streams (landing fees, PFCs), resulting in investment-grade ratings. Even with large-scale capital programs, financial resilience and diversified funding support their creditworthiness. David Wardell (757) 561-0582 <mailto:[email protected]> [email protected] <https://wardell.us/url/b5s86> <https://wardell.us/url/s9qvz> From: Jack Keady via Mifnet <[email protected]> Sent: Monday, June 9, 2025 3:35 PM To: David Wardell via Mifnet <[email protected]> Cc: Jack Keady <[email protected]> Subject: [Mifnet đ 72640] Airport bond ratings keady - the reason for asking is that i know at least one airport that is constructing like crazy and yet has declining passengers. So, my question is: Does anyone have bond ratings for the top dozen or so US airports?
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