Moody’s Investors Service affirms Airport Authority’s “A3” rating, upgrades outlook to “Positive”
Monday, June 4, 2018
MEMPHIS, Tenn. (June 4, 2018) – Moody’s Investors Service has affirmed Memphis-Shelby County Airport Authority’s (MSCAA’s) general airport revenue bonds at A3, and has upgraded MSCAA’s rating outlook from “stable” to “positive.”
Moody’s cited the “sustained positive trajectory of enplanements at the Memphis International Airport since fiscal year 2016” as one of its primary factors in upgrading MSCAA’s outlook. Other factors included solid long-term growth prospects and cargo operations led by FedEx.
The announcement marks the second recent upgrade from a financial rating agency after S&P Global Ratings raised its long term and underlying rating for Memphis-Shelby County Airport Authority (MSCAA) from “A-” to “A” last month.
“The ‘positive’ rating outlook from Moody’s mirrors our own optimism for the future of Memphis International Airport,” said Scott Brockman, MSCAA President and CEO. “By maintaining a strong financial foundation, MEM is well-positioned to continue its recent strong growth trends.”