Albany International Airport Earns Highest Long-Term Bond Rating Increase in Airport’s History

Increase to “A+” is Second Bond Rating Increase 

from S&P in Two Years

ALBANY, NY (August 5, 2024) – Albany International Airport (ALB) today announced that Standard and Poor’s Global Ratings (S&P) raised the airport’s long-term bond rating from A to A+, marking the highest rating in the airport’s history. The last assessment by S&P was in 2022 when they raised the airport’s rating from A- to A. 

“Today’s announcement underscores the exciting growth and development that continues to take place at ALB,” said Phil Calderone, CEO at Albany International Airport. “This accomplishment highlights the airport’s responsible financial management, as well as our ongoing commitment to enhancing the experience for the nearly 1.5 million passengers who travel through our airport annually.”

In their report, S&P indicates that their decision to increase the airport’s rating was reflective of the airport’s improved debt capacity attributable to both effective management and governance. They go on to state that the airport has successfully placed a focus on increasing revenues and liquidity, while also continuing a capital improvement program that is funded largely from sources other than debt financing. In addition, the airport continued to maintain and expand air service to top passenger destinations resulting in enplanement growth. 

In August of 2023 Moody’s Investors Services raised the airport’s long standing bond rating from A3 to A2. At that time, Moody’s indicated that the rating upgrade was reflective of the airport’s effective management of the financial profile, robust financial metrics, and strength of the New York State Capital Region.

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