A.B. Won Pat International Airport Authority, Guam

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Moody’s Confirms GIAA’s Baa2 Investment-Grade Rating with Stable Outlook

Thursday, September 21, 2023

(Tamuning, Guam) Following a June 2023 notice that GIAA was placed on a 90-day review for downgrade after Guam was hit by Typhoon Mawar, the A.B. Won Pat International Airport Authority, Guam (GIAA) received confirmation of its investment-grade rating of “Baa2” with a Stable Outlook by Moody’s Investors Services (Moody’s) on the Airport’s senior general revenue bonds on September 19, 2023. The action was reflective of GIAA’s financial and operational resilience, even with the impact on passenger arrivals and operations following Typhoon Mawar.

“This rating confirmation is a testament to the dedicated employees of the GIAA for their continued commitment to work cost-effectively while maintaining a safe and secure travel environment,” stated Artemio “Ricky” Hernandez, Ph.D., Acting Executive Manager. “We also thank the Guam Economic Development Authority and the Bureau of Budget and Management Research for their support through this review process.”

In its release, Moody’s stated that, “The stable outlook reflects Moody’s expectation that enplanement recovery will continue to improve.” Moody’s continued that “Despite the challenges presented by the coronavirus pandemic and Typhoon Mawar, airport management has taken key actions to ensure debt service coverage remains satisfactory, including debt restructuring and operating cost reductions.”

Immediately after Typhoon Mawar, the GIAA worked on re-opening the airport as quickly as possible, keeping in mind safety and security for the traveling public. The airport terminal was reopened in just over a day and a half after Condition of Readiness 4 was declared for humanitarian and essential cargo operations and passenger traffic was opened just 2 days later.

“We appreciate our airline partners and other airport stakeholders for their commitment to work with us as we continue our recovery efforts post-typhoon,” stated Hernandez. “And the support and leadership of Governor Lourdes Leon Guerrero and Lieutenant Governor Joshua Tenorio as well as our GIAA Board of Directors has been instrumental in our operational and financial recovery of this important asset of the people of Guam.”