Syracuse Regional Airport Authority (SRAA) Assigned Credit Ratings
Syracuse, New York –The Syracuse Regional Airport Authority (SRAA), the governing body that oversees Syracuse Hancock International Airport (SYR), announced today that they have been assigned credit ratings of A- by Fitch Ratings and Baa1by Moody’s Investors Service. Both agencies provided medium grade investment ratings.
The SRAA was established in 2011 by the State of New York, and this marks the first time the airport has issued bonds as a distinct entity. The ratings speak to the successful efforts of management and staff in putting together the structure and systems needed to administer daily operations, maintain financial viability, and foster growth.
Both rating agencies noted that SYR is the primary provider of the central upstate New York region, with a diverse carrier mix, stable economy, and manageable capital plan. The rating also reflects the airport’s fairly strong financial profile relative to its low debt levels, evidenced by adequate reserves and a low leverage profile, with airline and non-aeronautical agreements that provides sufficient cost recovery.
“We are very happy with the ratings that were assigned to the Syracuse Regional Airport Authority (SRAA) by Fitch Ratings and Moody’s Investors Services,” said SYR Executive Director Jason Terreri. “I would like to thank our team that worked incredibly hard to get this initiative accomplished.”
For additional information on the Syracuse Regional Airport Authority (SRAA), please visit our website at https://syrsraa.com/.