TULSA, OK – July 8, 2022 – S&P Global Ratings, the credit rating agency, recently upgraded Tulsa Airports Improvement Trust’s (TAIT) long-term rating from ‘A-‘ to ‘A’, with a stable outlook. This recent improved rating is driven by the airport’s strong recovery in passenger traffic over the past 18 months, and also the organization’s prudent financial management on essential operating expenses, and intentional selection of capital improvement projects.
S&P Global, who monitors and evaluates TAIT’s performance, determined TAIT was due for a rating review based on the airport’s financial performance over the past several months. The agency noted TUL’s recovery has exceeded expectations post-pandemic, since March 2022-May 2022, passenger enplanements were 93%-96% of 2019 pre-pandemic levels. TUL’s passenger numbers have averaged roughly ten percentage points stronger than the U.S. average throughout the pandemic, and S&P forecasts that the airport will recover to 99% of 2019 levels in fiscal year 2023.
“This is a huge win for Tulsa International Airport, as we now are in a stronger position in the eyes of the finance world,” said Fabio Spino, Executive Vice President and Chief Financial Officer of TAIT. “Over the past few years, the entire airport team has worked hard to reduce expenses and bring in new business.”