Bond rating takes flight for airport
S&P cites increased traffic compared to depths of pandemic
COLONIE — Albany International Airport’s long-term revenue bond rating has risen to A from A- according to Standard & Poor’s Global Ratings service.
S&P concluded that the airport’s increase in business coming out of dips related to COVID -19 along with expectations that business would continue to come back was one of the drivers of the upgrade.
“The rating action reflects our expectation that ALB’S strong rebound in enplanement levels to near pre-pandemic levels will be sustained, supporting a return to business-as-usual rate-making with an improved market position,” the rating service said in its upgrade.
“It’s very good news,” said Airport CEO Philip Calderone.
“That’s good not only for the airport but for the region to have that affirmation,” he added, explaining that in addition to the airport’s healthy finances and steady management, the upgrade portends continued economic strength in the Capital Region as a market.
Like airports nationwide, Albany International has seen a rebound in travel from the depths of 2020, when lockdowns, travel bans and fear of contagion kept many travelers at home.
Starting this past spring, the airport was back to serving about 4,000 people per day compared to a few hundred during the worst part of the pandemic.
Moreover, as a “small to medium regional hub” airport, Albany International hasn’t seen the kinds of massive security lines and airline delays due to staff shortages that have plagued major air facilities.
The bond upgrade should also help with the airport’s longterm plans for expansion, Calderone said.
The airport is currently seeking state and federal grants that, if approved, could help fund a planned expansion of the terminal across the walkway toward the parking area.
That, he explained, would widen the upstairs terminal area that is currently a “pinch point” for travelers who are lining up for security checks. An expansion also would allow more vendors at the facility.