Moody’s Investors Service Affirms Burlington International Airport’s “Baa2” Credit Rating

FOR IMMEDIATE RELEASE
February 26, 2021
Contact: Olivia LaVecchia
(802) 734-0617

Moody’s Investors Service Affirms Burlington International Airport’s “Baa2” Credit Rating

Rating action finds that BTV is “well-positioned to address challenges posed by the coronavirus pandemic”

 

Burlington, VT – This week, Moody’s Investors Service released a rating action that affirms Burlington International Airport’s “Baa2” credit rating with a stable outlook. The rating action is particularly notable as airports around the country are grappling with the impacts of the coronavirus pandemic. In its credit report, Moody’s states that the Burlington International Airport (BTV) is “well-positioned to address challenges posed by the coronavirus pandemic,” and notes that BTV’s core financial metrics are sound, including its stable liquidity and debt service coverage, strengthened cost recovery framework, minimum of 200 days of cash on hand, relatively low debt burden, and manageable planned capital investment program.

“My Administration has worked hard to stabilize the Airport’s finances over the past nine years, and that work has put BTV in a strong position to weather the storm of the coronavirus pandemic,” said Mayor Miro Weinberger. “I’m appreciative that Moody’s Investors Service has recognized this work by affirming BTV’s credit rating. In the months and years ahead, the Burlington International Airport will be more important than ever, as it supports the economic recovery of Burlington and our entire region from this pandemic.”

“I want to thank both the Airport and broader City teams for their daily diligence in making this rating possible,” said Gene Richards, Director of Aviation at BTV. “This achievement has not come easily, but the Airport is stronger and better because of it.”

BTV has maintained its “Baa2” credit rating since receiving an upgrade from Moody’s in May 2018. That upgrade was the second that BTV had earned since 2014, and the “Baa2” rating represents the highest rating since prior to multiple downgrades that the Airport received in 2010 due to revelations of serious financial mismanagement.

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Press Release Date: 
02/26/2021
City Department: 
Mayor's Office