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.