Credit Agencies Upgrade GOAA’s Bond Ratings

Orlando, Fla. – Credit reporting agencies are confirming their confidence in Greater Orlando Aviation Authority’s (GOAA) financial management and significant investment in projects designed to meet the demands of travel. This recognition includes upgrades to GOAA’s senior and subordinate airport facilities revenue bond ratings from Moody’s, Fitch, and Kroll (KBRA).

Senior Bonds

• Moody’s Ratings: Aa2
• Fitch Ratings: AA
• KBRA: AA+

Subordinated Bonds

• Moody’s Ratings: Aa3
• Fitch Ratings: AA-
• KBRA: AA

This follows a S&P Global Ratings’ upgrade in June to AA for the Senior Bonds.

The Series 2024 bonds are being issued for the purpose of funding GOAA’s Capital Improvement Program (CIP) and capitalized interest on portions of CIP projects. As Florida’s busiest airport, and among the highest-rated airports in the nation, these rating upgrades reflect the organization’s financial strength and forward-thinking strategies.

“We are dedicated to delivering a world-class experience for the nearly 60 million guests who travel through our terminals each year,” said Kevin J. Thibault, Chief Executive Officer of GOAA. “Our capital improvement plan leverages innovative technologies to modernize the airport and ensure seamless travel – from parking to passenger gates.”

Among the key credit strengths noted:

• Orlando International Airport's near-monopoly position for air travel in one of the primary tourism destinations in the world, which has been the main driver for strong performance.
• Experienced and effective management team that employs prudent financial planning and risk management practices in the successful operation of an airport the size and scale of MCO.
• Expectation of continued strong performance, which supports maintenance of robust financial metrics even with the additional debt issuance to fund the airport's current capital improvement program.

The issuance of airport facilities revenue bonds, including the Series 2024 Bonds, is a vital tool for funding MCO’s modernization and expansion.

GOAA’s 2024-2029 CIP is a $5.4 billion, multi-year investment plan that aims, in part, to expand airport capacity and enhance customer experiences. Key projects include:

• Improving infrastructure in Terminals A & B
• Airsides 2 & 4 Automated People Mover (APM) System Replacement
• Terminal C Phase 2 Site and Apron projects

Investors seeking information regarding the Series 2024 Bonds should refer to the official statement available at MuniOS. For more information, please contact the Office of Public Affairs at the Greater Orlando Aviation Authority at 407-825-2055 or email us at MCOPIO@goaa.org for further assistance.

The Greater Orlando Aviation Authority is proud to operate Orlando International Airport (MCO) and Orlando Executive Airport (ORL), two of Florida’s premier air travel gateways. MCO is a world-class global connector, serving nearly 58 million annual passengers across its three terminals, A, B and C. Connected to an Intermodal Terminal Facility that offers high-speed passenger rail service, Terminal C is an inventive structure that elevates the customer experience with 100% automated screening lanes at TSA checkpoints. ORL is conveniently located just miles from downtown Orlando and provides vital general aviation access to the heart of the region