Moody’s Affirms GIAA’s Investment-Grade Rating and Revises Outlook to ‘Stable’Thursday, March 16, 2023
(Tamuning, Guam) Displaying its financial resiliency throughout the COVID-19 pandemic and with the continued lifting of travel restrictions in Guam’s source markets leading to improved enplaned passenger levels, the A.B. Won Pat International Airport Authority, Guam (GIAA) received an affirmation of its investment-grade rating of ‘Baa2’ and achieved a revised outlook to “Stable” from “Negative” by Moody’s Investors Services (Moody’s) on the Airport’s senior general revenue bonds on March 15, 2023.
In its release, Moody’s stated that, “the revision of the outlook to stable from negative reflects our expectation that enplanement levels will continue to improve as both South Korea and Japan have effectively lifted all coronavirus-related travel restriction.” The release further stated that, “Airport management has taken key actions to ensure that debt service coverage remains satisfactory, including debt restructuring and operating cost reductions.”
“We thank Governor Lourdes Leon Guerrero and Lieutenant Governor Joshua Tenorio for their continued support for the GIAA throughout the COVID-19 pandemic. Their financial assistance has helped in achieving this positive update from our rating agency,” stated John “JQ” Quinata, Executive Manager of the GIAA. “This is great news especially as we recover our travel market shares in Korea and Japan to pre-pandemic levels and as we roll out full passenger amenities and services. We extend our appreciation to our airlines and stakeholders for their efforts and commitment to our progressive recovery.
“This improved outlook for the GIAA is a testament to the dedicated staff and management of the Airport for their commitment to work cost effectively while maintaining a safe and secure travel environment throughout the pandemic,” stated Artemio “Ricky” Hernandez, Ph.D., Deputy Executive Manager of the GIAA. “We also would like to thank the Guam Economic Development Authority and the Bureau of Budget and Management Research for their support throughout this credit review process.”
For further information, please contact GIAA Airport Marketing Administration Rolenda Faasuamalie at [email protected] or at (671) 646-0300.
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