18 December 2009

Christchurch Airport credit rating raised to A minus

Standard & Poor’s have raised the long-term corporate credit rating on Christchurch International Airport (CIAL) to A minus. The previous rating was BBB+.

The Standard & Poor’s report saw the airport company’s strengths as “a strong competitive profile and reliable underlying passenger demand”.  It stated that the company’s outlook is stable and its liquidity position is adequate.  The upgrade was a consequence of the strength of support from the airport’s shareholders and recognition of the contribution the airport provided to the economic development of the city, region and the South Island as a whole.

Chief Executive of CIAL Jim Boult said he’s pleased with the rating up-grade.  “This is a positive reflection of the airport’s position and outlook.”

Jim Boult said that the airport company is working hard to further strengthen its market position through growing new airline routes as well as diversifying income sources.