EL PASO, Texas (KTSM) – The revenue bond rating for the El Paso International Airport has increased to a rating of A-plus by Standard & Poor’s Global Ratings, according to a news release sent out by the City of El Paso.

Here are factors that influenced the increased positive outlook for the airport’s bonds, according to the news release:

  • Very strong management and governance, reflecting an effective and experienced management team that has sufficiently managed risks to ensure the airport’s steady financial and operational performance.
  • A strong framework of long-term planning, frequent budget monitoring and a willingness to make intra-year adjustments.
  • Enplanement recovery to near pre-pandemic levels.
  • And approximately 200 days of cash reserves on hand.

“The bond rating upgrade reflects the City’s strong financial health. We have made significant improvements to our financial policies based on best practices and long-term planning by the City staff,” City Manager Tommy Gonzalez said. “In 2014, the City had only nine operating days of General Fund reserves (i.e., the City’s savings account); today, because of aggressive fiscal management improvements and stronger governance, the City has more than 90 days of General Fund reserves.”

“We are extremely pleased with this report as it confirms that the City leadership’s diligence during the pandemic has paid off,” said El Paso Director of Aviation, Sam Rodriguez. “Our improved performance, combined with the resilient passenger recovery and federal funding we are receiving at our airport, have ensured our financial security.”

According to S & P Global, the airport’s calendar year-to-date (9 months ended Sep. 30, 2022) enplanement recovery of nearly 94 percent of pre-pandemic levels and likely steady rebound following the onset of the pandemic are supportive of an improved overall market position. The airport’s recovery is in line with S & P Global Ratings’ updated baseline activity estimates for the airport sector.

For more information about economic development visit, https://business.elpasointernationalairport.com/.