A.B. Won Pat International Airport Authority, Guam

Baa2 with Stable Outlook

The Board of Directors and Management of the A.B. Won Guam International Airport Authority Airport, Guam were pleased to receive good news on the financial front from Moody’s Investors Service. On Wednesday, April 24, 2013 Moody’s reaffirmed GIAA’s Series 2003 General Revenue Bonds with a rating of Baa2 with a stable outlook.

The summary rationale bases the Baa2 rating indicates GIAA’s strengths as its monopoly position as the essential transportation line for the island economy and also the potential for greater growth in enplanements with possible increased military presence in Guam and more tourism opportunities from mainland China and Russia. The stable outlook also acknowledged that sustained enplanement growth leading to wider financial margins, would be ideal conditions that could change the rating upward.

This rating provides the baseline for formal rating presentations to both Moody’s and Standard & Poors in a few months as the airport pursues its plans to refund of all its outstanding 2003 Bonds and finance new capital projects in a low interest market.

Executive Manager Charles H. Ada stated, “We are committed to aggressive non-airline revenue growth and cost management measures that allow us to continue lowering overall costs of operations to our airline partners while keeping a very healthy debt service coverage.”

The continued positive rating from Moody’s reaffirms the Airport’s credit worthiness and demonstrates the favorable financial performance of GIAA over the last several years.