A.B. Won Pat International Airport Authority, Guam

Standard & Poor's (S&P) upgraded the credit rating on the Antonio B. Won Pat International Airport Authority, Guam's (GIAA) senior-lien general revenue bonds from BBB to a BBB+ with a stable outlook released on September 27, 2018, and again mentioned in S&Ps "Year-End Update to S&P Global Ratings' U.S. and Canadian Not-for- Profit Transportation Infrastructure Enterprises Criteria Implementation" report issued November 28, 2018.

The upgraded rating reflects S&P's opinion of the airport's "adequate enterprise risk profile and strong financial risk profile". These assessments included "low industry risk relative to that of other industries and sectors", and the Airport's "adequate management and governance, with detailed financial planning" and "adequate risk management practices and organizational effectiveness." S&P also pointed out the GIAA's adequate financial performance, its strong historical coverage, and very strong debt and liabilities capacity as GIAA continues to pay down its debt.

In its Nov. 28, 2018 release, S&P had reviewed 48 airports, which included the Antonio B. Won Pat International Airport Authority, Guam. Executive Manager Charles Ada II stated, "Under S&P's updated criteria as of March 12, 2018, S&P found the Guam Airport bonds to have improved from a BBB to a BBB+ in its credit rating. This is fantastic, and validates responsible management in place, especially in a period where we are going through massive construction and upgrade to our facility and having lost a key aviation partner in the last fiscal year."

The official S&P Global Ratings "Year End Update to S&P Global Ratings' US. And Canadian Not-for-Profit Transportation Infrastructure Enterprises Criteria Implementation" report is attached as part of this release. The A.B. Won Pat International Airport Authority's upgrade to its revenue bonds is highlighted on page 15 of this document.

• Download: GIAA S&P - Year End Update to Transportation Criteria Implementation