Airport Maintains ˈBBB+ˈ Credit Rating from Fitch Ratings
Fresno Yosemite International Airport Maintains ˈBBB+ˈ Credit Rating from Fitch Ratings
Fresno, CA (October 5, 2020) – Fitch Ratings has affirmed the ‘BBB+’ rating for Fresno Yosemite International Airport (FAT). The rating outlook is Negative, which is in line with the rest of the industry. The avoidance of a downgrade in the midst of a pandemic reflects a solid liquidity position, a management plan that guarantees all legal and financial obligations will be met, and FAT outperforming all California airports in terms of passenger traffic recovery.
“This is tremendous news for FAT and allows us to maintain a favorable crediting rating, which is critical for long-term planning to accommodate air service and the region’s demand,” said Director of Aviation Kevin Meikle. “We presented a strong case to Fitch including responsible fiscal management practices and metrics that guarantee our financial commitment to bondholders.”
In a special industry update report, the rating agency selected FAT out of nearly 70 small-hub airports as an example of a resilient airport faring better than its peers. The report also highlighted FAT’s history of faster than average recovery following major air travel disruptions, notably 9/11 and the Great Recession.
The Brookings Institution Metro Recovery Index supports Fitch’s analysis. According to Brookings, the Fresno metro area ranked 7th out of 47 large metro areas in terms of June to July percentage increase in passengers. The report also states that the Fresno metro area is 10th out of 47 large metro areas in terms of current passengers as a percentage of prior year passengers through July.
Fresno Yosemite International Airport – Fresno Yosemite International Airport (FAT) is the largest driver in economic activity in the Central San Joaquin Valley with $928 million of annual economic activity and 10,800 direct, induced and indirect jobs. Domestic and international carriers serving FAT offer Valley travelers daily nonstop flights to Chicago, Dallas, Denver, Las Vegas, Los Angeles, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, Seattle, and Guadalajara, León, Mexico City and Morelia, Mexico.
Fresno Yosemite International Airport is a municipally owned entity operating as a self-supporting enterprise. No City of Fresno general funds are used to operate Fresno Yosemite International Airport or Fresno Chandler Executive Airport.
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