On August 13, 2021, S&P Global Ratings affirmed its AA- long-term issuer credit and senior unsecured debt ratings on Vancouver Airport Authority. S&P Global Ratings also improved its outlook to stable from negative, making Vancouver International Airport (YVR) the first airport in Canada to have its outlook favourably revised by the agency since adjustments were made at the onset of the COVID-19 pandemic.
The affirmed AA- rating and upgraded outlook reflects the Airport Authority’s superior credit quality and prudent management overall and during the challenges faced by the aviation industry during the pandemic.
“We continue to take the necessary steps to maintain and strengthen the financial health of our airport while welcoming back passengers and working diligently to ensure the safety of our employees, partners and community,” said Diana Vuong, Vice President & Chief Financial Officer at the Vancouver Airport Authority. “This credit rating and improved outlook from S&P Global Ratings demonstrates YVR’s solid financial footing in the face of continued pressures on the aviation industry as we move through the pandemic. With our strong management, flexible planning and innovative team, we look forward to continuing to support the safe reopening of travel and tourism and leading innovations that will help drive Canada’s economic recovery.”
YVR plays a vital role in the region, facilitating the safe and efficient movement of goods and people who need to travel. YVR is committed to delivering a clean and healthy experience for employees, passengers and partners and recently received a COVID-19 Airport Award of Excellence from Skytrax for providing the highest health, hygiene and safety protocols during the pandemic.
The airport’s financial and operational strength stems from a unique business model and prudent management. As a non-share capital private corporation, YVR operates in service of the community and the economy that supports it.
The airport is also recognized as an industry leader and continues to be an important source of jobs and economic activity for the region, connecting communities to key markets and destinations around the world. YVR is also committed to creating solutions for a greener, more resilient future while expanding its reach to drive innovations that will benefit sectors outside of aviation.
Full details on YVR’s 2020 financials are available in YVR’s 2020 Annual & Sustainability Report.