About $51 million in outstanding revenue bonds issued by the city of Fresno for Fresno Yosemite International Airport maintained their investment-grade BBB rating under an affirmation issued this week by Fitch Ratings.
Fitch, a San Francisco-based credit rating firm, also revised the rating outlook for the airport bonds from stable to positive.
A growing number of airline passengers using the airport, combined with an improving local economy and the airport’s financial ability to service its debt were among the factors cited by Fitch analysts in upgrading the ratings outlook. “Continued enplanements growth and sustainable solid financial metrics could result in upward rating migration,” Fitch said in announcing the rating actions.
The BBB rating for the bonds themselves reflects what Fitch considers good credit quality, and is the minimum rating considered to be investment grade on a scale that ranges from a high of AAA to D.
Two other rating firms, Standard & Poor’s and Moody’s, had previously raised their outlooks on the city’s airport revenue bonds from stable to positive since December.