News Release

Moody's Assigns Baa2 with Stable Outlook on GIAA's 2019 Series A & B General Revenue Bonds

Friday, October 18, 2019

Moody's Investor Services has assigned a Baa2 rating, with a stable outlook, on A.B. Won Pat International Airport Authority, Guam (GIAA) 2019 General Revenue Bonds (senior Series A (AMT) ($20.01 million) & Series B (taxable ($20.06 million)). This rating follows comprehensive presentations to the rating agency, which provided a critical, look at the Airport's structure, financial performance and management actions. Presentations were made earlier this month by senior Airport Management and officials from the Guam Economic Development Authority and the Bureau of Budget and Management Research.

Moody's rating rationale is based on the Airport's position as the only FAA certified commercial airport serving Guam, and the acknowledgement of the Authority's hybrid ratemaking framework that has supported stable growth over the past years. A copy of Moody's official release is accessible at the link: https://www.moodys.com/research/Moodys-assigns-Baa2-to-AB-Won-Pat-International-Airport-Authority--PR_906092679

"Moody's action is indicative of their confidence in our financial and business performance amidst changing travel trends to the island," stated Tom Ada, Airport Executive Manager. "This rating is very important as Guam International Airport is postured to refund its callable 2013 Revenue Bonds next month on the bond market," he continued.

Cash flow savings acquired through the refunding of a portion of the 2013 Revenue Bonds will be applied to necessary airport capital improvement projects. "Improvements to Guam's airport is a continuing process to ensure safe and efficient airport operations," Mr. Ada concluded.