Investor Relations

Debt Ratings

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 Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.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.

2021-2025 CIP