Fitch affirms ‘A’ long-term rating with Stable Outlook for St. Louis Lambert International Airport Revenue Bonds
Posted on August 31, 2022 in Media Releases
(This release comes from the City of St. Louis' Office of the Comptroller)
ST. LOUIS (August 31, 2022): Fitch Ratings (Fitch) affirmed its ‘A’ long-term rating to the City of St. Louis’ outstanding Airport Revenue Bonds issued on behalf of St. Louis Lambert International Airport (STL).
“Fitch’s affirmation of St. Louis’s ‘A’ rating on our existing Airport bonds is a testament to the resiliency of the Airport and the St. Louis area,” said Comptroller Darlene Green.
In its statement, Fitch cited STL’s sound financial profile, solid underlying demand, favorable airline use & lease agreement, modest capital needs, and conservative debt structure. Of particular note, the report mentions STL’s positive enplanement trend to levels prior to the pandemic. Fitch states, "enplanements increased 80% over the previous year to 6.3 million, approximately 80% of 2019 levels of (7.9 million) and expects a full recovery in 2023”.
Fitch also affirmed its ‘Stable’ outlook. The outlook reflects Fitch’s view that STL’s financial profile is firm, specifically mentioning, “a strong balance sheet with reserves equating to over 400 days cash on hand”.
“This rating from Fitch confirms St. Louis Lambert International Airport’s strong management, robust financial position and operation,” said STL Airport Director, Rhonda Hamm-Niebruegge.
Fitch Ratings previously affirmed its rating for STL’s bonds at ‘A’ with a stable outlook in September of 2021.
Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city’s credit rating and with protecting taxpayer dollars. She is the recipient of the 2019 Women in Public Finance Lifetime Achievement award. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.
St. Louis Lambert International Airport (STL) is the primary commercial airport for the St. Louis metro area and parts of eastern Missouri and southern Illinois serving nearly 15.9 million passengers annually. STL is an Enterprise Fund Department of the City of St. Louis. It is wholly supported by airport user charges. No general fund revenues are used for the operation, administration, promotion or maintenance of airport facilities. For more information, visit www.flystl.com. Follow us on Facebook: @flySTL, Twitter: @flySTL and Instagram: @flySTL.
For more information, contact:
Roger Lotz 314-426-8125 or (m) 314-795-2235