Written by The Business Journal Staff
The ratings service also affirmed the bonds’ BBB rating.
“The revised rating outlook is due to relatively high enplanement growth rates supported by improvements in the local economy as well as the airport’s financial metrics, including debt service coverage ratio and leverage,” according to a news release from Fitch.
Continued enplanements growth and sustainable solid financial metrics could result in upward rating boosts.
Enplanements, or boarded passengers, were up 5.1 percent in fiscal 2016 thanks to increased service routes, contrasted with flat growth for fiscal 2015 due to some discontinued routes.
“However, the region’s cyclical recovery had pushed fiscal 2014 enplanement levels to a record-setting 717,024,” according to Fitch. “This fluctuation in enplanements highlights volume risks inherent in such a small and geographically remote airport.”