Image via Fresno Yosemite International Airport
Written by The Business Journal Staff
Standard & Poor’s Global Ratings (S & P) has upgraded Fresno Yosemite International Airport’s bond rating two notches, from “BBB+” to “A,” with a stable outlook.
“Supporting the rating is the airport’s consistently strong financial performance, which we believe is sustainable,” said S & P credit analyst Andrew Bredeson.
Population growth in the area above the national rate, competent governance concerning budget management and strong financial performance were some of the factors contributing to the higher outlook, according to a press release from the airport.
Record numbers of passengers boarding planes—enplanement—were set in four of the five past years. International passengers accounted for 13 percent of travelers in FY 2017.
The report from S & P further lauded management for “proactively adjusting rates and managing costs to achieve specific financial metrics” and for “consistently exceeding financial targets in recent years.”
“It is not common for a small regional airport with fewer than one million enplaning passengers to be upgraded to an ‘A’ rating and receive a two-notch upgrade,” said Kevin Meikle, Fresno Yosemite director of aviation. “The improved rating better positions Fresno Yosemite International Airport to financially accommodate the airport’s future and projected growth by ensuring efficient and modernized facilities for California’s Central Valley travelers.”