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|
|Senior Debt Rating||AA-||Aa3||NR|
|Subordinate Debt Rating||A+||A1||A|
|Special Facilities Debt Rating||A-||A3||
NR: Not Rated
Please note these long-term ratings are as of September 14, 2017, 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 Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.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.
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) with more large wide-body aircraft capable gates.
At IAH, the new Terminal C North has been completed, opening in March 2017 with 11 new gates. Additional components of the 2018-2022 CIP include some taxiway rehabilitations, the modernization program of Terminal A, reworking of taxiway WA/WB, and the rehabilitation and expansion of the ARFF station.
Projects at HOU include construction of a new Southwest hangar on the south airfield, conversion of the existing hangar into a cargo facility, relocation of the Airport Maintenance Complex, along with some taxiway improvements.
Construction of a new Air Traffic Control Tower is currently underway at EFD. Future 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 2018-2022 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.