October 24, 2018 – Tulsa Airports Improvement Trust is pleased to announce that the credit rating agency, S&P Global Ratings, has raised Tulsa International Airport’s rating on its general airport revenue bonds to “A-“ from “BBB+”. The agency also assigned an “A-“ rating to TAIT’s proposed $19.7 million series 2018A general airport revenue bonds soon to be issued for Tulsa International Airport’s upcoming terminal rehabilitation project, and issued a positive outlook.
The ratings agency attributed the improvement to the airport’s strong origin and destination (O&D) nature with relatively diverse and stable air carrier service, strong management and governance, and extremely strong economic fundamentals including favorable GDP per capita, average unemployment, and growing population.
“S&P’s improved rating represents our executive team’s commitment to fiscal responsibility through all facets of the organization,” said Jeff Stava, chair of Tulsa Airports Improvement Trust. “Our leadership team understands the importance of maximizing non-airline revenue, maintaining competitive costs for airlines, and building our financial resources. The announcement by S&P confirms we’re moving in the right direction.”
The rating comes as the airport prepares to begin work in the terminal that will significantly enhance the customer experience and operational infrastructure of the facility.
- Relocating airline ticket counters to provide an additional 25 feet of queueing space and reduce congestion in the ticketing lobby
- Replacing the roof in both baggage claims and Schwab Hall (center terminal)
- Adding a skylight from the upper level main entrance to the security checkpoint, providing natural daylight while reflecting design elements in both concourses
- Renovation of public restrooms located adjacent to the security checkpoint
- Utility relocation, boiler replacement, asbestos abatement, etc.
About Tulsa International Airport: Seven air carriers provide nonstop service to 22 airports across the United States. 2.8 million passengers traveled through the airport in 2017. Year to date activity through September 2018 is up 6.8%. For more information on nonstop flights from Tulsa, visit www.flytulsa.com.