Erlanger, Ky. (March 1, 2019) – The Cincinnati/Northern Kentucky International Airport (CVG) will finalize roadway improvements throughout 2019, as well as begin construction on the new rental car facility and customer service building that will improve access to the Terminal and elevate the passenger experience.
CVG has received bond ratings that will positively impact the financing for the final phases of the project. Two bond agencies issued favorable ratings for the 2019 CFC bonds to be issued to fund portions of the new rental car facility and customer service building, as well as the 2019 revenue bonds to fund roadway improvements.
Moody’s Investors Services upgraded CVG’s 2016 revenue bonds to A1 from A2, and assigned a rating of A1 to the 2019 revenue bonds, which are planned to be issued in early March. The ratings rationale states “the upgrade to A1 reflects strong growth in passenger and cargo volumes over the last five years, with a 50 percent increase in enplanements and a 70 percent increase in cargo tons.”
Fitch Ratings has assigned and affirmed a rating of A+ to CVG’s upcoming 2019 revenue bonds and previously issued 2016 revenue bonds, citing “the airport’s transition to a predominantly origination/ destination (O&D) traffic base benefitting from increased presence of low-cost carriers and diversifying cargo services.”
“Our record-breaking local passenger numbers, this construction project and our strong financial profile are a reflection of our work to ensure CVG, and our entire region continue sustainable growth and innovation well into the future,” said Candace McGraw, chief executive officer, CVG Airport.