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Moody’s Upgrades CLT’s Revenue Bond Ratings
FOR IMMEDIATE RELEASE
Thursday, October 13, 2011

Contact: Lee Davis, 704-359-4933
lmdavis@charlotteairport.com


Moody’s Investors Service upgraded CLT’s revenue bond ratings to Aa3 from A1, citing the Airport’s "strong financial performance."

In an October 12 release, Moody’s stated, "The rating is based on the airport’s extraordinary financial operations in spite of the national economic recession, resilient enplanement levels and the strength of the local demand for air travel. The upgrade also recognizes management’s conservative approach to financing that has built strengths to offset key credit risks."

CLT Aviation Director Jerry Orr called the Aa3 rating "great news" for the airport. "This is something we’ve been working to achieve for 25 years," Orr said. "It’s extremely gratifying to be recognized among very few airports with this rating."

Bond proceeds for the Series 2011 A, B and C Bonds will partially fund a variety of projects including: 
  • New Hourly deck ($75.7 million) – The parking structure will contain 7 levels and 7,000 parking spaces. Work begins on the deck in November. Completion is scheduled for December 2014.
  • Rehabilitation of Runway 18C/36C ($26.8 million) – The Airport temporarily closed the runway on August 15 for concrete repaving. It is scheduled to reopen on October 24.
  • Expansion of Concourse E ($20.6 million) – The concourse was expanded in early 2011 by 10,200- square feet, adding new gates and jetways.

Among CLT strengths, Moody’s listed the Airport’s strong historical enplanement growth, extraordinary liquidity levels and low airline cost per enplanement. CLT is the second largest hub on the East Coast and the fastest growing airport in the world, outside Asia-Pacific and the Middle East (ACI, 2010).

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Charlotte Douglas International Airport (CLT) is owned and operated by the City of Charlotte. Serving more than 38 million passengers in 2010, CLT is ranked 7th nationally in airport operations and 11th in passengers.* Seven major carriers, 14 regional carriers and three foreign flag carriers offer 702 daily flights from CLT with nonstop service to 138 destinations, including 36 international locations.
*Data from Airports Council International