Phoenix, AZ—Airport Revenue Bonds, which are used to help fund major projects at Phoenix Sky Harbor International Airport, have maintained an “excellent” bond rating by both Standard & Poor’s (S&P) and by Moody’s Investors Service. The City of Phoenix Senior Lien Airport Revenue Bonds Series 2008A, 2008B, 2008C, 2008D bonds have received a ‘AA-’ rating from S&P and a ‘Aa3’ rating from Moody’s, among the highest afforded to airports nationwide.

S&P and Moody’s are among the world’s most respected and widely used sources for credit ratings. These ratings help investors to analyze credit risks and determine the bonds’ interest rates. 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. “The rating reflects continued strong financial performance resulting in a low cost structure,” according to an official report issued by S&P.

“While we all continue to face difficult economic times, this Airport Revenue Bond rating reflects the Phoenix airports’ strength and stability,” said Phoenix Mayor Phil Gordon. “The airports are a $33 billion economic engine for the region, pumping money into the economy at a time when it’s desperately needed.”

Airport revenue bonds help to fund large projects and airport improvements on facilities such as initial components of the airport train, land acquisition and terminal and airfield improvements. Moody’s Investors Service credits the Phoenix Aviation department’s “track record of well-maintained and stable finances.” The report also states that, “the outlook is based on strong demand for origin and destination travel to the rapidly growing local service area and the airport’s history of sound financial performance.”

“I would like to thank Phoenix Airport Director, Danny Murphy and his executive team and Phoenix Finance Director, Bob Wingenroth,” said Phoenix City Manager, Frank Fairbanks. “Thanks to their leadership and teamwork, Phoenix Sky Harbor International Airport continues to be recognized world-wide for its excellent financial management.”