Credit rating for Dayton airport bumped up to ‘stable’
DAYTON, Ohio (AP) — Leaders of the Dayton airport have pointed to an improved credit rating released this month as signaling confidence in the airport’s future after several challenging years.
S&P Global Ratings revised its outlook to “stable” from “negative” for the city-owned Dayton International Airport, giving it a BBB+ rating.
The revised outlook reflects S&P’s view that passenger numbers are stabilizing after years of decline, and the expectation that the airport will maintain a debt to income ratio that is “at least adequate,” an S&P analyst said in a statement.
City leaders told the Dayton Daily News that budget efforts and investments in airport infrastructure are paying off.
“It’s always going to impress an investment house when we are able to cut our budget, bring our operating budget down in line with our revenue, and at the same time, make huge capital investments in our facility,” said Terry Slaybaugh, Dayton’s aviation director.
The airport’s terminal has recently been remodeled and airport and area business leaders believe commercial development and jobs from more than $92 million invested near the airport in recent years has also made difference.
“Not only do we have a phenomenal terminal that’s easy to navigate, but Dayton’s excellent economy and people have given the future of our airport new light,” Slaybaugh said in a statement from the city.
S&P said it still considers the Dayton airport to be vulnerable, citing two competing airports within 70 miles. It said both John Glenn Columbus International Airport and Cincinnati/Northern Kentucky International Airport historically offer more service.
Information from: Dayton Daily News, http://www.daytondailynews.com