S&P Global reaffirms 'A' rating for Ontario International Airport Authority revenue bonds
Southern California gateway earns high rating again for robust passenger numbers, vibrant local economy and strong financial management
ONTARIO, Calif., June 20, 2024 /PRNewswire/ -- S&P Global Ratings reaffirmed its long-term rating of 'A' for Ontario International Airport Authority (OIAA) revenue bonds outstanding given the airport's "robust enplanement recovery that now exceeds pre-pandemic levels and will support financial metrics consistent with a strong financial risk profile."
S&P Global said three key credit strengths contributed to the 'A' rating:
- Robust air travel demand supported by favorable service area economic fundamentals, including a large, growing population base and ample employment opportunities.
- Strong management and governance, with management that we consider capable in operating an airport of this size, and a conservative approach to financial and capital planning.
- Strong liquidity position.
The ratings agency further said its outlook for the OIAA is stable.
"We are proud of the S&P rating as Ontario International Airport continues to gain appeal among airlines and air travelers and our financial position remains strong and stable," said Celeste Heinonen, OIAA chief financial officer. "Ours is the 12th largest metropolitan area in the United States and top job producing area in California, passenger volumes are at record levels and our aviation partners continue to show confidence in our facilities and services. I can say with great confidence that our airport, operations and people are a good bet."
Ontario International Airport set a record for passenger volume in a single month in May, is poised to welcome 2 million passengers during the summer travel season and is on track to receive 7 million air travelers in calendar year 2024, high points since the airport's transition to local control in 2016.
Ontario is also the 9th busiest U.S. air cargo hub.
S&P Global Ratings is a leading provider of credit ratings with more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities.
About Ontario International Airport
Ontario International Airport (ONT) is California's most popular airport, according to J.D. Power's most recent North America Airport Satisfaction Study. Located in the Inland Empire, ONT is approximately 35 miles east of downtown Los Angeles in the center of Southern California. It is a full-service airport which offers nonstop commercial jet service to two dozen major airports in the U.S., Mexico, Central America and Taiwan. More information is available at www.flyOntario.com. Follow @flyONT on Facebook, X (formerly Twitter) and Instagram
About the Ontario International Airport Authority (OIAA)
The OIAA was formed in August 2012 by a Joint Powers Agreement between the City of Ontario and the County of San Bernardino to provide overall direction for the management, operations, development and marketing of ONT for the benefit of the Southern California economy and the residents of the airport's four-county catchment area. OIAA leaders include Ontario City Council Member Alan D. Wapner (President), San Bernardino County Supervisor Curt Hagman (Vice President), Ontario City Council Member Jim W. Bowman (Secretary), Retired Riverside Mayor Ronald O. Loveridge (Treasurer) and retired business executive Julia Gouw (Commissioner).
OIAA Media Contact:
Steve Lambert (909) 841-7527 [email protected]
SOURCE Ontario International Airport
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