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Moody's affirms stable outlook on senior, junior lien revenue bonds

PHOENIX — Moody’s Investors Service cited strong economic conditions and a robust tourism market in affirming an Aa3 rating to Phoenix Sky Harbor International Airport’s senior lien bonds and an A1 rating on junior lien bonds.

Moody’s noted passenger traffic in the months leading up to January 2022 was 92% of traffic in 2019, well above the national average of 80%. Statistics released March 28 showed February passenger numbers continued to approach pre-pandemic levels when more than 3.28 million passengers—just 7.4% less than 2019—traveled through Sky Harbor.

The ratings also reflect strong management, which has successfully delivered a capital improvement plan on schedule and budget over the last decade of elevated capital spending.

“Phoenix Sky Harbor is a strong economic engine, and its health and outlook is a point of pride and an excellent indicator of how we can recover from the pandemic,” said Phoenix Mayor Kate Gallego.

A high bond rating means the airport has access to lower interest rates when it sells bonds for airport improvements and modernization projects.  Phoenix Sky Harbor is currently finishing the extension of the PHX Sky Train® to the Rental Car Center and construction of the eighth concourse at Terminal 4, which will be occupied by Southwest Airlines. The Moody’s ratings reflect the airport's ability to move forward with the capital plan while maintaining competitive airline costs.


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Phoenix Sky Harbor International Airport, America’s Friendliest Airport®, has an annual economic impact of more than $38 billion. Before the COVID-19 pandemic, approximately 1,200 aircraft and more than 125,000 passengers arrived at and departed from Sky Harbor every day. PHX Sky Harbor is funded with airport revenue. No tax dollars are used to support the airport.

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