S&P Global Ratings affirms A- credit rating for ONT revenue bonds
S&P Global Ratings has revised its outlook of the Ontario International Airport Authority to positive from stable and affirmed its long-term rating of ‘A-‘ for the Inland Empire airport’s revenue bonds.
The enterprise risk profile reflects S&P Global Ratings analysts assessment of Ontario International Airport’s market position, generally stable enplanements and very strong economic fundamentals in the Inland Empire, low industry risk compared to other sectors and strong management and governance.
“The positive outlook reflects our expectations that ONT’s financial risk profile, based on pro forma financial metrics, will be strong even with additional borrowing plans,” the S&P Global analysts wrote.
“S&P’s revised outlook enhances our opportunities to grow ONT ” said John M. Schubert chief financial officer of the Ontario International Airport Authority. “Ontario leadership has worked to successfully transition ONT to local control. Efforts to develop facilities and incorporate services that appeal to airlines and passengers has resulted in consistent increases in commercial air, making ONT one of the fastest growing airports in the United States. Airlines and air travelers are bullish on ONT and so are we.”
The S&P Global Ratings report noted ONT’s successful transition to local control in 2016 in its rationale for the stronger financial rating.
“The ratings also reflect their opinion of [ONT’s] strong enterprise risk and financial risk profiles tempered by potential risk stemming from the authority’s transition of ownership and control of operations of ONT from the Los Angeles Department of Airports.”
S&P Global Ratings is a leading provider of credit ratings with more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities.
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About Ontario International Airport
Ontario International Airport (ONT) is the fastest growing airport in the United States, according to Global Traveler, a leading publication for frequent fliers. Located in the Inland Empire, ONT is approximately 35 miles east of downtown Los Angeles in the center of Southern California. It is a full-service airport with nonstop commercial jet service to 21 major airports in the U.S., Mexico and Taiwan, and connecting service to many domestic and international destinations. There is an average of 67 daily departures offered by nine air carriers. More information is available at www.flyOntario.com.
About the Ontario International Airport Authority (OIAA)
The OIAA was formed in August 2012 by a Joint Powers Agreement between the City of Ontario and the County of San Bernardino to provide overall direction for the management, operations, development and marketing of ONT for the benefit of the Southern California economy and the residents of the airport's four-county catchment area. OIAA Commissioners are Ontario City Council Member Alan D. Wapner (President), Retired Riverside Mayor Ronald O. Loveridge (Vice President), Ontario City Council Member Jim W. Bowman (Secretary), San Bernardino County Supervisor Curt Hagman (Commissioner) and retired business executive Julia Gouw (Commissioner).