Today, ratings agency Standard & Poor’s confirmed its AA long-term issuer credit and senior unsecured debt rating for Vancouver Airport Authority—for the 13th year in a row. The AA rating re-affirms YVR’s position as one of the world’s most financially stable airports, an achievement that stems from the airport’s focus on sustainable growth.
“YVR’s strong financial health is testament to the success of Canada’s unique, not-for-profit airport governance model,” said Diana Vuong, YVR's Vice President Finance and Chief Financial Officer. “As a community focused and financially independent organization, YVR reinvests its financial success back into the airport and the region, driving growth while constantly improving the airport for everyone.”
YVR’s financial strength is based on a diversified revenue model that focuses on providing unique business solutions while keeping costs low. Almost half of YVR’s revenue comes from non-aeronautical sources, including YVR’s award-winning BORDERXPRESS™ kiosks, Duty Free sales, concessions, land and terminal rents, parking and more. Vancouver Airport Authority reinvests all profits back into the airport, which has allowed YVR to maintain the lowest Airport Improvement Fee of all major Canadian airports. In addition, YVR has the lowest airline rates and charges of all major airports in Canada and competing U.S. airports.
As a world-class hub, YVR plays a significant role in driving economic benefits across British Columbia—facilitating $16.5 billion in total economic output, $8.4 billion in total GDP and $1.4 billion in total government revenue. YVR’s operations generate over 24,000 jobs at the airport and, together with tourism and cargo, the airport supports over 100,000 jobs across B.C.
YVR has entered a period of significant growth, which will further contribute to the economy. The airport recently announced the commencement of a $9.1 billion expansion plan, which includes 75 projects over 20 years. Work has already started on key projects, including a new Parkade, a Central Utilities Building and an international terminal expansion. By the end of 2018, construction activities at YVR will create nearly 2,500 full-time construction jobs on Sea Island and hundreds more off-site. Much of the work will be done in the province, offering a significant number of jobs for British Columbians.
Full details on YVR’s 2017 financials are available in YVR’s 2017 Annual & Sustainability Report.