Phoenix, AZ -- Airport Revenue Bonds, which are used to help fund major projects at Phoenix Sky Harbor International Airport, have been upgraded by Moody’s Investors Service. The City of Phoenix Senior Lien Airport Revenue Bonds Series 1994, 1998, 2002A and 2002B bonds have been upgraded from an A1 rating to Aa3. In addition, the Junior Lien Airport Revenue Bonds, Series 2002 have been upgraded from A2 to A1.

Moody’s is among the world’s most respected and widely used sources for credit ratings. These ratings help investors analyze credit risks and help determine the bonds’ interest rate. The higher the bond rating, the lower the interest rates and therefore the less the City of Phoenix Aviation Department has to pay to borrow the funds. “This elevated Airport Revenue Bond rating reflects the economic strength and stability of Phoenix Sky Harbor International Airport, and the City’s two smaller general aviation airports, Phoenix Deer Valley and Phoenix Goodyear,” said Phoenix Mayor Phil Gordon.

Airport revenue bonds help to fund large projects and airport improvements on facilities such as taxiways, elevators and even air conditioning systems. Moody’s Investors Service credits the Phoenix Aviation department’s track record of “well-maintained and stable finances” along with a healthy local economy for the bond rating improvements. “I would like to thank Interim Phoenix Finance Director, Bob Wingenroth and the Phoenix Aviation Department’s Deputy Aviation Director for Fiscal Management, Fred Simon,” said Phoenix Acting Aviation Director, Danny Murphy. “Thanks to their leadership and teamwork, Phoenix Sky Harbor International Airport is being recognized worldwide for its good financial management.”

Phoenix-Sky Harbor International Airport is the only major commercial airport in the Phoenix metropolitan area, serving a population of nearly 3.9 million people. The City of Phoenix is the sixth largest city in the U.S. and is the economic center of the state, providing a strong origin and destination passenger base for the airport. In addition to Sky Harbor, the Phoenix also operates Phoenix Deer Valley and Phoenix Goodyear airports. Population growth in this economically vibrant area is expected to continue at a rapid pace. The airport's competitive position within the state is strong; the nearest major airport is nearly two hours away in Tucson. This lack of competition and the service area's rapidly growing and wealthy population promises a bright future for Phoenix airports.