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Fitch Ratings, Moody’s Investors Service assign credit ratings for Syracuse airport governing body

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

An aerial shot of Syracuse Hancock International Airport, which is overseen by the Syracuse Regional Airport Authority (SRAA). Fitch Ratings has assigned SRAA a credit rating of A-, while Moody’s Investors Service has assigned a rating of Baa1. (Photo credit: zoeyadvertising.com)

SYRACUSE, N.Y. — Fitch Ratings has assigned the Syracuse Regional Airport Authority (SRAA) a credit rating of A-, while Moody’s Investors Service has assigned a rating of Baa1.

Both agencies provided medium-grade investment ratings. SRAA is the governing body that oversees Syracuse Hancock International Airport.

Both rating agencies noted that Hancock is the primary provider of the central upstate New York region, with a “diverse carrier mix, stable economy, and manageable capital plan.” The rating also reflects the airport’s “fairly strong” financial profile relative to its low debt levels, evidenced by “adequate reserves and a low leverage profile, with airline and non-aeronautical agreements that provides sufficient cost recovery.”

The state established SRAA in 2011, and this marks the first time the airport has issued bonds as a distinct entity. The airport authority contends that the ratings “speak to the successful efforts” of management and staff in putting together the structure and systems needed to administer daily operations, maintain financial viability, and foster growth.

“We are very happy with the ratings that were assigned to the Syracuse Regional Airport Authority (SRAA) by Fitch Ratings and Moody’s Investors Service,” Jason Terreri, executive director of Syracuse Hancock International Airport, said. “I would like to thank our team that worked incredibly hard to get this initiative accomplished.”

 

 

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