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:

	Fitch	KBRA*	Moody's	Standard & Poor's
Subordinate Debt Rating	A-	AA-	A1	A

NR: Not Rated

* KBRA applies to City of Houston, Texas Airport System Subordinate Lien Revenue Refunding Bonds, Series 2021 (AMT)

Please note these long-term ratings are as of February 01, 2023, 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 Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.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 recommends installation of more aircraft gates and improved terminal facilities designed to enhance the passenger experience. As a result, the major IAH terminal project in the five-year CIP schedule is ITRP (IAH Terminal Redevelopment Program) which revamps the International Terminal D to handle the large wide body aircraft and consolidates international check in processes in a new facility.

The Terminal A Modernization project includes Early and Enabling projects associated with Curb-side capacity improvements designed to correct the current level of service deficiencies at Arrival and Departure Curb-sides for both private and commercial vehicles.

Airfield projects at IAH include Rehabilitation of Taxiway RA, RB, SA, SB, Rehabilitation and Expansion of ARFF Station 92, Airfield Electrical, RON Parking at Terminal A and Central Cargo.

Other projects at IAH consist of Rehab Storm Water Pollution Control System, Central Utility Plant Improvements, Flyover Bridge Construction, Construction of Kenswick Intersection and Storm Water Detention Pond.

Projects planned at HOU include: Non-standard Taxiways associated with Runway 17-35 Decommissioning, and Expansion of ARFF Station 81, Sanitary Sewer System and Flooring in Central Concourse.

Ellington Airport includes the planned projects: Spaceport Development – Associated Utility Infrastructure, Roadways and Environmental Assessments and Construction of Taxiway L.

The FY 2022-2026 Airport Facilities CIP combines various funding sources including the Airports’ Improvement Fund, Airports’ Renewal and Replacement Fund, FAA Grants, Commercial Paper/ General Airport Revenue Bonds (GARBs), and Passenger Facility Charges (PFCs) reflecting the growing demand in passenger segments, capacity for large (wide-body) aircraft and other rehabilitations.

2022-2026 CIP
2021-2025 CIP