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Moody's Maintains Airport Bond Rating

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COLORADO SPRINGS, CO – Moody’s Investors Service has maintained a rating of Baa1 on City of Colorado Springs Airport Enterprise’s Airport System Revenue Bonds.  The outlook is stable.

The rating agency noted that the Colorado Springs Airport (COS) has demonstrated its “willingness and ability to manage costs and debt burden to improve the Airport’s financial profile.”  Additionally, the airport has no major capital requirement, or need for additional borrowing in the foreseeable future.  Moody’s also points out that a 5-year agreement with the Airport’s major carriers shows the commitment of the airlines to the airport and provides financial stability over a longer horizon.

While the rating agency noted that there remains competition from nearby Denver International Airport, passenger enplanements at COS have increased year-over-year since 2016.

“We appreciate Moody’s affirmation of our Baa1 bond rating,” said Greg Phillips, Director of Aviation for the Colorado Springs Airport.  “Moody’s report highlights factors that we have also identified that could lead to an increase in the bond rating, including continued growth in passenger enplanements and reduction of long-term debt, both of which we are on the right path to achieve.  The Airport is deeply committed to ensuring a low-cost structure to help our airlines sustain and grow their current level of service,” he said.   

This announcement comes on the heels of June’s announcement of Standard & Poor’s Global Ratings that affirmed its BBB+ long-term rating on the COS bonds.