Musqueam Territory/Richmond, B.C. (August 28, 2023): On August 16, S&P Global Ratings released a Research Update, and affirmed its AA- long-term issuer credit and senior unsecured debt rating for Vancouver Airport Authority (VAA). S&P also upheld its Stable outlook for VAA.
In its Research Update, S&P pointed out air travel demand as higher than had been expected leading to strong financial results, even in the face of rising operating costs, which were mostly due to higher labour expenditures.
Of the over 70 U.S. and Canadian airports assessed by S&P in 2022, YVR ranks highest of all Canadian airports in the agency’s most recent ratings. S&P also noted several of VAA’s key credit strengths including “an experienced management team that we believe is able to react quickly and prudently to a difficult operating environment” and a thoughtful approach “to capital investment and debt funding (that) will keep its debt burden steady in the next two years.”
“The high-grade rating conferred on YVR by S&P is a well-earned reflection of the sound decisions our CFO and senior leadership team has made and continues to make,” said Tamara Vrooman, President & CEO at Vancouver Airport Authority. “Strategic thinking and action – which is judicious while staying both customer and community centered – has ensured YVR remains an efficient and effective operation that is financially sustainable. We will continue to take actions and to invest in measures that advance our infrastructure and operational resiliency and safeguard our financial assets.”
Full details on YVR’s 2022 financials and business and operating highlights are available in its 2022 Annual & Sustainability Report.