Fitch Ratings Upgrades PHL Bonds Rating to “A+” with Stable Outlook

PHILADELPHIA - Fitch Ratings, one of the world's leading financial ratings agencies, has upgraded Philadelphia International Airport's (PHL) Revenue Bonds to "A+" with a stable outlook on $1.37 billion of debt.

In its ratings report issued on August 15th, Fitch cited the airport's continued positive movement to full passenger traffic recovery; demonstration of strong financial performance; and a large and stable service area in the Greater Philadelphia region with a solid base of origination and destination (O&D) traffic.

The full ratings report can be found on fitchratings.com.

This is the second rating action in the past year from Fitch, having put PHL's bond rating on positive outlook in September 2023. This latest upgrade follows last year's good news from Standard & Poor's (S&P). In June 2023 S&P assigned an "A+" rating with a stable outlook on PHL's general airport revenue bonds, a two-notch upgrade from the "A-" rating PHL received in 2021.

"To receive this news from Fitch within a year of their move to a positive outlook is a testament to the strong management of our finance team throughout the pandemic, the strength of our service area and continued passenger growth," said PHL CEO Atif Saeed. "As air travel continues to grow, we are extremely grateful to all of our airline partners and others who ensure that we proudly connect Philadelphia to the world."