The outlook changes from negative to stable as airport traffic picks up
Oakland, California – August 9, 2021: Fitch Ratings has confirmed the ratings of Port of Oakland’s bonds and upgraded Port of Oakland’s rating outlook from negative to stable. Fitch this week confirmed the following ratings on Port of Oakland’s debt:
- A + for senior Pfandbriefe;
- A for Pfandbriefe with interim liens; and
- A for the underlying bank bond rating for the port’s commercial paper notes.
“The above-mentioned rating confirmations and outlook revisions to stable reflect the reduced operational and financial risks that airports have experienced since the beginning of 2020 due to a combination of improved passenger numbers in recent months, effective management oversight of budgets and the financial relief of the federal government challenge grants that appear to mitigate lost income. ”Fitch said in a statement.
Fitch has raised the rating outlook of 18 major US airports, including Oakland. The Port of Oakland operates the Oakland International Airport.
Fitch issued negative rating outlooks for airports in the early stages of the coronavirus pandemic. Back then, the rating service named the loss of passenger traffic as nations around the world closed their borders to air travel.
Many major airports, including Oakland, regained passengers and revenue in 2021. Oakland has restored many of the flight routes that airlines suspended due to the pandemic. According to Fitch, US airport traffic is now 75 to 80 percent of its 2019 level.
“While the risks to traffic and revenue improvements remain, the advances suggest lower fiscal burdens, with airports better positioned to bring the metrics back to levels consistent with current ratings,” said Fitch . “Travel volume is expected to continue to grow in 2H21 and beyond as business and international travel have risen from the pandemic lows.”
Across the port of Oakland
The Port of Oakland oversees the Oakland Seaport, Oakland International Airport and nearly 20 miles of waterfront, including Jack London Square. The port’s 5-year strategic plan – Growth with Care – combines business expansion with community benefits and provides more jobs and economic incentives as the port grows. Together with its business partners, the port supports more than 84,000 jobs. Connect to the Port of Oakland and Oakland International Airport on Facebook or the port on Twitter, YouTube and at www.portofoakland.com.
Article based on a press release from Port of Oakland to Zennie62media, Inc.
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