Following its annual review, Standard & Poor’s Financial Services (S&P) has affirmed HIAA’s A+ credit rating. At the same time, S&P maintained their outlook on Halifax International Airport Authority (HIAA) as positive. S&P is the world’s foremost provider of independent credit ratings.
S&P indicated that the A+ rating and positive outlook reflect the airport authority’s continued financial stability and forecasted growth.
“Once again, everyone at the airport authority and within the airport community should be proud of this achievement,” says Joyce Carter, HIAA President & CEO. “We are pleased that S&P continues to demonstrate their confidence in us. Our A+ credit rating is a testament to our ongoing prudent fiscal management. As one of the most critical pieces of transportation infrastructure in Atlantic Canada, this is gratifying news for our entire region.”
In their report, S&P highlighted that the positive outlook reflects their view that HIAA’s passenger volumes will increase, debt levels will remain stable, and liquidity and debt service coverage will continue to be sufficient.
These great results are predicated on HIAA attracting new airline services and growing destinations for both passengers and cargo from Halifax Stanfield. “HIAA will continue to work with private and public sector partners and other stakeholders to expand air service development and further evolve the market,” says Carter.
Management of Halifax Stanfield was transferred from the federal government to the airport authority in 2000. Since that time, HIAA has invested about $550 million to expand and redevelop the airport.