Moody’s says the Aa2 rating reflects YVR’s very strong market position as Canada’s primary Asia-Pacific gateway and the country’s second-largest airport and key international hub. It also highlights the Airport Authority’s robust operating performance, prudent capital planning, and disciplined financial management.

The agency’s analysis notes YVR benefits from structurally strong passenger demand underpinning its long-term traffic resilience and continues to grow cargo volumes, which saw a record year in 2025 alongside the strongest passenger volumes in the airport’s history, reinforcing its position as a cargo hub. In addition, Moody’s calls out the Airport Authority’s exceptionally strong credit metrics with low leverage.

“Receiving an Aa2 public rating from Moody’s further validates the Airport Authority’s strong financial foundation, resilient operating performance, and our prudent long-term strategy,” said Clayton Buckingham, Vice President, Finance and CFO, Vancouver Airport Authority. “Together with existing ratings from S&P and Morningstar DBRS, this reinforces confidence in our credit profile, supports our long-term financing strategy and broader engagement with global capital markets, and also helps position the Airport Authority to continue investing to support trade, tourism and economic growth across British Columbia and Canada.” 

The Moody’s public rating follows recent positive rating actions from S&P Global Ratings and Morningstar DBRS. In March 2026, S&P upgraded the Airport Authority’s long-term issuer credit and senior unsecured debt ratings to AA with a stable outlook, citing strong financial performance, robust passenger demand, and disciplined capital investment planning. In April 2026, Morningstar DBRS confirmed the Airport Authority’s Issuer Rating and Senior Debentures rating at AA (low) with Stable trends, supported by strong service area fundamentals, resilient traffic performance, conservative financial management, and comparatively low aeronautical fees. 

As Canada’s Pacific Gateway to Asia and beyond, Vancouver International Airport is a strategic connecting hub and a key economic driver for the region and Western Canada. In 2025, YVR moved a record 26.9 million passengers and nearly 365,000 tonnes of cargo, up 7.4 per cent from the previous year. YVR was also recently named Skytrax Best Airport in North America for a record 15^th year as well as being rated in the top 10 of all airports globally.  

Additionally, S&P views YVR as a major hub and a key gateway to the Asia-Pacific region, contributing to strong long-term demand and future growth despite ongoing macroeconomic uncertainty.

“Vancouver International Airport is ready now to support new and expanded air service, innovation and technology, and to make other strategic investments to further support trade, connectivity, and Canada’s economy,” said Tamara Vrooman, President and CEO of Vancouver Airport Authority. “This rating reinforces our strategy that includes maintaining a superior financial footing while also keeping our carrier and passenger fees amongst the lowest of all major airports in Canada.”

Coming off YVR’s busiest year in the airport’s history in 2025 with record cargo and passenger volumes, the Airport Authority is leaning into its role as a global hub and Canada Pacific gateway to Asia and beyond, innovating and enhancing its operations to drive future economic growth for British Columbia and Canada while maintaining protection from market uncertainties.  

“At Vancouver International Airport, our continued success is driven by making strategic investments that serve the community and the economy that supports it,” added Clayton Buckingham, Vice President, Finance and CFO, Vancouver Airport Authority. “Moving forward, we have strong confidence in our strategy to invest in growth areas to support our operations and the region’s success, particularly when it comes to seizing opportunities to grow service and trade connections with emerging markets in Asia, India, and beyond.”

The rating reflects Morningstar DBRS’ assessment of the Airport Authority’s competitive aeronautical fees, strategic location, resilient business model, and relatively low debt levels. The reaffirmation of the credit ratings by both Morningstar DBRS and S&P underscores the Authority's robust financial management and strategic planning.

“We are pleased that Morningstar DBRS, in addition to S&P Global Ratings, recognizes our strong credit profile," said Clayton Buckingham, Vice President, Finance and CFO at Vancouver Airport Authority. “The reports reinforce that the strategic investments we’ve made in service to travellers, our employees, and the economy, as well as our operations, also serve to strengthen our resiliency and financial sustainability.”

Full details of Vancouver Airport Authority’s financial performance and strategic initiatives are available in its 2024 Annual & Sustainability Report.

This marks the sixth consecutive year that Vancouver International Airport has received an AA- rating from S&P, underscoring the organization’s financial strength and operational resilience. The reaffirmed AA- rating reflects Vancouver International Airport's superior credit quality, supported by the strength of our economic fundamentals, relatively low debt burden, prudent fiscal management and strategy, as well as growth fostered by passengers, cargo, and diversification opportunities. 

“At Vancouver International Airport, our continued success is driven by strategic investments that build operational resilience and elevate the passenger experience,” said Tamara Vrooman, President and CEO of Vancouver Airport Authority. “S&P’s reaffirmation of our AA- credit rating is a clear signal that we are delivering on our commitment to serve British Columbia with fiscal prudence, strong leadership, and responsible corporate governance.” 

Vancouver International Airport continues to focus on innovation and sustainability, enhancing its operations to drive future economic growth in British Columbia and beyond.   

“Maintaining our financial strength enables YVR to proactively invest in opportunities, adapt to shifting market conditions, and continue to focus on enhancing our operations and the experience we provide through innovation and the use of technology,” added Clayton Buckingham, Vice President, Finance and CFO, Vancouver Airport Authority. 

Full details of Vancouver International Airport's financial performance and strategic initiatives are available in its 2024 Annual & Sustainability Report. 

Shortly after, on September 13, 2024, Morningstar DBRS also confirmed the Airport Authority’s Issuer Rating and Senior Debentures credit rating at AA (low). The AA- and AA (low) ratings issued by the two credit authorities further reinforce the Airport Authority’s superior credit quality supported by the strength of its strategic location, relatively low debt burden, prudent management overall, and the expectation that continued passenger growth will support upcoming operations and capital needs. 

“The revision of the outlook and high rankings by S&P and Morningstar DBRS gives us a high level of confidence in our management capabilities and tactical decisions, led by our senior executives," said Tamara Vrooman, President and CEO at Vancouver International Airport. "Strategic planning and actions aimed at improving services and airport infrastructure, with a focus on travellers, our employees, and community, have been the cornerstones of our work. This focus, together with our goal to expand our non-aeronautical revenues, will continue to guide our efforts in the coming years while we maintain a financially stable and reliable institution that our local and international partners continue to trust.” 

Full details on YVR’s 2023 financials as well as business and operating highlights are available in its 2023 Annual & Sustainability Report.