PHX Reporter

Phoenix Sky Harbor International Airport recently had several ratings increase, illustrating the continuing improvements made at the airport since the pandemic, officials say.

Sky Harbor's Civic Improvement Corporation's (CIC) senior-lien general airport revenue bonds (GARBs) were raised from level A+ to AA- and its junior-lien GARBs to A' from 'A+, according to Standard and Poor's Ratings Service. The CIC's rental car facility charge, which is issued by Phoenix Sky Harbor International Airport for consolidated rental car center projects, revenue bonds ratings increased from A from BBB+, according to a release from the city.

“The health and outlook of our airport continues to show how Phoenix has resoundingly bounced back from the pandemic," Mayor Kate Gallego said.

According to the release, the ratings reflect the airport's limited competition in the market, as well as its growing origination and destination base. The ratings also reflect Sky Harbor's strong financial management and ability to meet financial targets.

Chad Makovsky, Sky Harbor's director of aviation services, credited the airport's staff for the rebound.

“I am incredibly proud of our dedicated City of Phoenix Aviation team who enabled our successful recovery from arguably the most extreme downturn in modern aviation history," he said in the release. “We also owe a debt of gratitude to the airlines and our other business partners for their constant support of our airport through the pandemic. Thanks to our partners, wise financial management, and the flying public who have come back in such large numbers over the past several months, Sky Harbor is positioned to pick up where it left off in 2019 as the friendliest, and one of the busiest airports in the country."

City Chief Financial Officer Kathleen Gitkin noted that the higher bond rating means good things for Sky Harbor and phoenix at large.

“A higher bond rating reflects the Aviation Department's commitment to financial excellence and means the airport pays lower interest rates when it borrows funds for airport improvements and modernization projects," she said.