Lambert-St. Louis International Airport is going through a lot of changes. Interior and exterior renovations may bring more business into the airport, and now the City of St. Louis, which owns the airport, has more good news.
Fitch Ratings has upgraded the city's $740.2 million outstanding airport revenue bonds to 'BBB+' from 'BBB'. The global rating agency says the outlook for the City of St. Louis bonds remains stable, the airport has reported on its blog.
“While continuing to operate a safe and efficient airport, we have been aggressive in reducing costs, growing revenue and growing community support for Lambert,” Lambert Director Rhonda Hamm-Niebruegge said. “It’s all helping to gain the attention of rating agencies.”
The Fitch Ratings announcement cited continued stable traffic trends at the airport following significant drops after American Airlines cut the location as a hub, along with the economic recession.
The bonds are backed by the net revenues generated from airport operations.
“The airport’s conservative debt profile, strong fiscal management and continued stability in airline traffic are all contributing factors to the positive news of the credit rating upgrade for the airport bonds,” St. Louis City Comptroller Darlene Green said in a statement.
According to the airport, Lambert has seen two straight years of passenger growth. It is also looking for ways to secure more non-stop flights. One to Grand Rapids, MI will begin in August on Southwest Airlines.