Vancouver Airport Authority maintains one of the highest airport credit ratings in the world
RICHMOND, BC, Aug. 14, 2017 /CNW/ - Today, ratings agency Standard & Poor's affirmed its AA long-term issuer credit and senior unsecured debt rating for Vancouver Airport Authority. YVR is one of North America's most efficient airports and one of the most financially stable airports in the world, upholding its AA rating for 12 consecutive years.
"YVR's success in achieving the AA credit rating year after year serves as a true testament to the success and viability of our unique Canadian airport model that operates as a private, not-for-profit organization," said Glenn McCoy, Senior Vice President, Strategy and Chief Financial Officer, Vancouver Airport Authority. "Our financial success mirrors the efforts of our incredible team whose passion and innovation continue to make YVR a world-class leading airport."
YVR's success is credited to an innovative management team that focuses on providing unique business solutions and competitive fees for business partners. YVR has a strong focus on developing non-aeronautical revenue which accounted for over 50 per cent of the Airport Authority's revenue in 2016. Non-aeronautical sources include sales of YVR's award-winning BORDERXPRESS™ kiosks, the world's leading border processing solution and revenue from the McArthurGlen Vancouver Airport Designer Outlet Centre and Duty Free sales.
YVR's success is also attributed to the unique governance model that has all profit generated reinvested into airport operations, maintenance and future projects. Combined with strong non-aeronautical revenue sources, YVR has continued to maintain the lowest Airport Improvement Fees (AIF) in Canada for all major airports and reduced airline rates and charges by 15 per cent to the lowest rates of all major airports in Canada and competing US airports.
YVR remains committed to responsible debt management as we embark on Flight Plan 2037 – the airport's future Capital Plan, Terminal Plan and Financial Plan. These plans include expanded terminals, new taxiways, a geoexchange system and upgraded roads and bridges to Sea Island, which will help YVR support the estimated 35 million passengers expected to travel through YVR annually by 2037.
"Creating a world-class sustainable airport requires strong financial health, which is one of the Airport Authority's fundamental responsibilities as a community-based organization that is committed to providing economic benefits to our province," said Glenn McCoy. "Our sound financial planning is reflected in our consistently high credit rating, which is among the best in the world."
Full details on YVR's 2016 Financials are available in YVR's 2016 Annual & Sustainability Report.
About Vancouver Airport Authority
Vancouver Airport Authority is a community-based, not-for-profit organization that manages Vancouver International Airport (YVR). Canada's second busiest airport, YVR served 22.3 million passengers in 2016. Fifty-five airlines serve YVR, connecting people and businesses to more than 125 non-stop destinations worldwide. In 2016, YVR received CAPA Centre for Aviation's prestigious Airport of the Year Award and was voted Best Airport in North America for the eighth consecutive year in the Skytrax World Airport Awards in 2017. Vancouver Airport Authority is a dedicated community partner and in 2016 donated more than $1,000,000 to local organizations. We are committed to creating an airport that British Columbia can be proud of: a premier global gateway, local economic generator and community contributor. For more information, please visit www.yvr.ca.
SOURCE Vancouver Airport Authority
For further information: YVR Media Relations, 604.880.9815, [email protected], Twitter: @yvrairport