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.

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.

Executive Manager Charles Ada II stated, "S&P's confidence in our financial position is reflected in the upgraded credit rating we just received. This upgraded crediting rating validates the Authority's prudent fiscal management, all the while meeting our operational needs and exceeding standards imposted on us by FAA regulations and other regulatory agencies. We will continue to manage our finances while expending millions in capital improvement projects that will bring a third floor to separate our arriving and departing passengers, a new fire fighting facility, increased screening lanes and improved passenger processing flowers and efficiency," Mr. Ada continued.

S&P's stable outlook reflects their anticipation that the Airport's financial performance will remain stead, supported by their view that the Airport will also retain sufficient demand.

The official S&P Global Ratings report is attached as part of this release.

• Download: GIAA S&P Global Ratings Report