Ontario International Airport’s long-term revenue bond rating has been raised from A minus to A by S&P Global Ratings.
That upgrade is being attributed to the airport’s “substantial recovery” from the pandemic, specifically its large cash reserves and its current maintenance of pre-pandemic passenger rates, according to a statement on Ontario International’s website.
“We couldn’t be more pleased by the S&P rating as Ontario International Airport continues to turn heads in its pandemic recovery,” said John M. Schubert, Ontario International’s chief financial officer, in the statement.
S&P Global, which provides more than one million credit ratings to public and private corporations, said its outlook for Ontario International is stable.
A high bond rating gives an airport access to lower interest rates when it sells bonds for airport improvements and other projects.