Moody’s reaffirms bond rating, cites strong performance
More than 648,000 passengers boarded flights at Raleigh-Durham International Airport in August, an 11.2 percent increase over August 2018 and a new record for the month. Passenger volume traditionally declines after Labor Day but RDU’s projections indicate the growth trend will continue into the fall, with monthly enplanements exceeding previous years. Travelers should continue to arrive at least two hours early to find parking, check in with their airline, get through security and get to their gate on time.
Strong bond rating affirmed: the Moody’s bond rating agency has affirmed the Airport Authority’s Aa3 senior secured rating, noting that the outlook remains stable. Moody’s said the rating reflects RDU’s continuing strong operational performance over the last two years as enplanement levels increased by 10% in FY 2019 and 6% in FY 2018.
“We are pleased that Moody’s recognized RDU’s strong financial performance at a time when the airport is experiencing record-setting growth”, said Michael Landguth, president and CEO of the Raleigh-Durham Airport Authority. “Moody’s also noted our growing service area, which has attracted new airlines and incentivized existing carriers to add more flights.”
The Aa3 rating also considers RDU’s increasing future capital needs to accommodate higher-than-envisioned passenger growth.
Parking Deck Improvements: the improvements that are underway in RDU’s parking deck have caused temporary closures due to the reduced number of spaces that are available. Customers who do not book their parking in advance and find the deck full are being redirected to different parking options.
The number of available spaces in the parking garage will be reduced by an average of 1,150 a week between now and mid-May when the project ends. All parking spaces will be open during the holiday travel season from Saturday, Nov. 23 through Friday, Jan. 3.