S&P Global Ratings Revises STL Credit Rating to Positive

 Standard and Poors' (S&P) Global Ratings released a report, which revised its credit outlook of St. Louis Lambert International Airport (STL) from stable to positive. The credit rating firm also affirmed the airport’s long-term rating of ‘A-'. S&P Global states in its summary, “The outlook revision reflects STL's recent positive enplanement trends, with April 2022 monthly enplanements at 84 percent of April 2019 levels.” S&P goes on to say, “We could raise the rating within the next two years if we believe the current passenger recovery trend and traffic levels are sustainable.”

The credit ratings firm highlighted what they consider the airport’s strengths. They include:

• The role as the dominant airport in the region
• A significant liquidity position
• A relatively large and economically healthy service area
• Very strong management and governance

“I am proud that S&P's summary describes STL's management team as ‘experienced, proactive, and effective,’” said STL Airport Director Rhonda Hamm-Niebruegge. “The rating confirms that the airport is on the right business track moving forward.”

“S&P's latest rating affirms that STL is moving in the right direction. The change to a positive outlook points toward continued growth and investor interest,” said St. Louis Comptroller Darlene Green.

The summary states “STL entered the pandemic operationally and financially strong, with enplanements at their highest level since 2003 (7.9 million in FY2019).” STL, as of June of this year, had approximately $529.1 million of debt outstanding. This debt is fixed-rate, with no variable-rate debt, swaps, or direct-purchase debt outstanding.