Airport bond outlook improves from negative to stable

June 3, 2015

The City of Pensacola reports Standard & Poor’s Rating Services has affirmed the “BBB” rating of Pensacola International Airport’s revenue bonds and has revised its outlook on the bonds from negative to stable.

The Standard & Poor’s report highlighted Pensacola International Airport’s strengths as a “good origin-destination market” and “good base of demand,” pointing out that Pensacola has had no fewer than about 701,000 enplanements per year dating back to 2005.

“The outlook revision reflects our view of improved debt service coverage and liquidity that we expect will continue at sufficient levels for the rating,” said the report.

The Airport released more information on its gross food and beverage concessions sales. The city reported that OHM’s gross sales of $326,143.67 in April 2015 exceeded Varona’s highest-grossing month — $278,578.67 in July 2008– by more than $45,000.

“Pensacola International Airport is the first choice of travelers all along the central Gulf Coast, and today’s announcements are just the latest indicators that things are continuing to move in the right direction,” said Pensacola Mayor Ashton Hayward, in the press release. “By improving our bond outlook and increasing non-airline revenue, we’re positioning Pensacola International Airport to better compete for new carriers, new routes, and new passengers.”

The city expects the addition of Chick-fil-A tomorrow will put the airport on track to increase food concessions by $100,000 per year.

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