Southern California gateway
earns high rating again for robust passenger numbers, vibrant local
economy and strong financial management
ONTARIO,
Calif., June 20, 2024 /PRNewswire/ -- S&P
Global Ratings reaffirmed its long-term rating of 'A' for
Ontario International Airport
Authority (OIAA) revenue bonds outstanding given the airport's
"robust enplanement recovery that now exceeds pre-pandemic levels
and will support financial metrics consistent with a strong
financial risk profile."
S&P Global said three key credit strengths contributed to
the 'A' rating:
- Robust air travel demand supported by favorable service area
economic fundamentals, including a large, growing population base
and ample employment opportunities.
- Strong management and governance, with management that we
consider capable in operating an airport of this size, and a
conservative approach to financial and capital planning.
- Strong liquidity position.
The ratings agency further said its outlook for the OIAA is
stable.
"We are proud of the S&P rating as Ontario International Airport continues to
gain appeal among airlines and air travelers and our financial
position remains strong and stable," said Celeste Heinonen, OIAA chief financial officer.
"Ours is the 12th largest metropolitan area in
the United States and top job
producing area in California,
passenger volumes are at record levels and our aviation partners
continue to show confidence in our facilities and services. I can
say with great confidence that our airport, operations and people
are a good bet."
Ontario International Airport
set a record for passenger volume in a single month in May, is
poised to welcome 2 million passengers during the summer travel
season and is on track to receive 7 million air travelers in
calendar year 2024, high points since the airport's transition to
local control in 2016.
Ontario is also the
9th busiest U.S. air cargo hub.
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.
About Ontario International
Airport
Ontario
International Airport (ONT) is California's most popular airport, according
to J.D. Power's most recent North America Airport Satisfaction
Study. 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 which offers nonstop commercial jet
service to two dozen major airports in the U.S., Mexico, Central
America and Taiwan. More
information is available at www.flyOntario.com. Follow @flyONT on
Facebook, X (formerly Twitter) and Instagram
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 leaders include Ontario City
Council Member Alan D. Wapner (President), San Bernardino County Supervisor Curt Hagman (Vice President), Ontario City
Council Member Jim W. Bowman (Secretary), Retired Riverside
Mayor Ronald O. Loveridge (Treasurer) and retired business
executive Julia Gouw (Commissioner).
OIAA Media Contact:
Steve
Lambert (909) 841-7527 slambert@flyontario.com
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SOURCE Ontario International
Airport