TULSA, OK – September 22, 2022 – Moody’s Investors Service, the bond credit rating business of Moody’s Corporation, upgraded Tulsa Airports Improvement Trust’s (TAIT) credit rating from Baa1 to A3, with a stable outlook. This improved rating is driven by the strong passenger enplanement recovery at Tulsa International Airport throughout the pandemic, and also the projected deleveraging over the next several years owing to a lack of debt issuance plans from prudent financial management.
Moody’s Investors Service, who monitors and evaluates TAIT’s performance, informed TAIT that the organization was selected to receive a review by their rating committee based on its pre-pandemic positive credit rating outlook. The agency noted TUL’s passenger recovery has consistently outpaced the national trend, and reached 100% of pre-pandemic levels in July 2022. TUL’s passenger numbers have returned to 2019 levels in July and August 2022, and management expects enplanements for full fiscal year 2023 to be similar to 2019 levels. The rating increase elevates TAIT to a more robust and diverse investor base for the airport’s current outstanding debt and allows increased flexibility when refinancing opportunities present themselves.
“Credit rating improvements are difficult to earn, especially in this current volatile economic market,” said Fabio Spino, Executive Vice President and Chief Financial Officer of TAIT. “We’ve worked hard to strategically position the airport to receive increases in our credit ratings and set the airport up for sustained growth and success in the future.”
In July 2022, S&P Global also upgraded TAIT’s long-term rating from ‘A-‘ to ‘A’, with a stable outlook.