A publication of the Kentucky Center for Public Service Journalism

Fitch Ratings cites CVG’s ‘go-forward,’ strong fiscal position in affirming long-term bonds rating of A+

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Fitch Ratings has affirmed CVG’s long-term revenue bonds rating of A+ with a stable outlook, citing “the airport’s strong fiscal position on a go-forward basis under its new hybrid compensatory airline use agreement” as a key rating driver.

Candace McGraw


 
Fitch also cited as key rating drivers, CVG’s “transition to a predominantly origination/ destination (O&D)” traffic base with nearly 89 percent of CVG’s 3.4 million enplanements (2016) being local passengers. It also noted the continued diversification of passenger airlines operating at CVG with low-cost carriers now representing 25 percent of seats and the diversification of aviation activity due to growth in cargo service.
 
Fitch upgraded CVG from an A to A+ in June 2016. The September 2017 report affirmed that CVG is exceeding expectations in areas such as local traffic growth, cargo growth and diversification of revenues.
 
“We’ve been working hard to diversify our carrier base and revenue streams, and receiving an A+ bond rating yet again is a reflection of that hard work,” said Candace McGraw, chief executive officer, Cincinnati/Northern Kentucky International Airport.
 

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