The debt ratings for the Houston Airport System, which are rated separately from the City of Houston, are shown below. The major rating agencies provide a rating for outstanding debt at both the senior and the subordinate debt levels:
|Standard & Poor's||Moody's||Fitch|
|Subordinate Debt Rating||A||A1||A|
NR: Not Rated
Please note these long-term ratings are as of September 09, 2020, are provided for information purposes only, are simply posted for convenience and are subject to change without notice. Credit ratings are solely the opinions of the rating agencies. The Houston Airport System and the City of Houston, Texas does not endorse, and accepts no responsibility for, the credit ratings issued by the rating agencies. Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time. You should not rely on this information to make any investment decision but rather should consult with your broker.
Capital Improvement Program
The IAH Master Plan includes: airfield reconstruction projects for larger aircraft, installation of more aircraft gates, and improved terminal facilities designed to improve the passenger experience. The major IAH terminal project scheduled in the five-year CIP redevelops the Mickey Leland International Terminal (MLIT) to create more wide-body aircraft capable gates.
At IAH, the Terminal A Modernization project includes upgrades to facilities such as passenger boarding bridges, aircraft support systems, restrooms, hold rooms, baggage handling system etc. The Terminal A Domestic Expansion project will provide gate expansion on the South Concourse and west side of Terminal A. A major re-life and expansion of the outbound baggage handling system is being completed in partnership with the Transportation Security Administration (TSA).
Projects at HOU include: a seven-gate expansion, the construction of a Consolidated Rental car (CONRAC) facility, including individual service areas, into a single site adequate to serve long-term demand. Other project includes taxiway reconstruction, decommissioning, rehabilitation and improvements.
At Ellington Airport, planned projects consist of developments in infrastructure to support Phase I of the Spaceport program as well as construction of new taxiways and roadway rehabilitation.
The FY 2021-2025 Airport Facilities CIP combines various funding sources including the Airports’ Improvement Fund, Airports’ Renewal and Replacement Fund, grants from the FAA, Commercial Paper/ General Airport Revenue Bonds (GARBs), and passenger facility charges reflecting the growing demand in passenger segments, capacity for large (wide-body) aircraft and other rehabilitations.
Airport System Revenue Bonds
- Official Statements
- Series 2020ABC Official Statement
- Series 2018CD Official Statement
- Series 2018AB Official Statement
- Series 2012 Official Statement
- Series 2011 Official Statement
- Series 2010 Official Statement
- Series 2009A Official Statement
- Series 2007B Official Statement 2001A Optional Redemption Select Series
Special Facilities Bonds
Annual Rate Consultant Reports:
IAH PFC Application #2 Public Notice
- PFC Quarterly Reports
- HOU - Fourth Quarter 2020 Report
- IAH - Fourth Quarter 2020 Report
- HOU - Third Quarter 2020 Report
- IAH - Third Quarter 2020 Report
- HOU - Second Quarter 2020 Report
- IAH - Second Quarter 2020 Report
- HOU - First Quarter 2020 Report
- IAH - First Quarter 2020 Report
- Pro-Forma Financial Reports
- FY21 Pro-Forma Financial Report Q2
FY21 Pro-Forma Financial Report Q1
FY20 Pro-Forma Financial Report Q4 - Rollforward
FY20 Pro-Forma Financial Report Q4
FY20 Pro-Forma Financial Report Q3