Vancouver Airport Authority’s AA (low) Credit Rating, Strong Financial Position, Reaffirmed by Morningstar DBRS

Vancouver International Airport (YVR) announced that Morningstar DBRS has reaffirmed its Issuer Rating and Senior Debentures credit rating at AA (low), both with Stable Trends. This confirmation of confidence in YVR’s strong financial position follows a recent upgrade by S&P Global Ratings from AA- to AA (Stable Outlook), a high credit rating enjoyed by only a few airports worldwide.

The rating, which is provided to the Vancouver Airport Authority, the organization that manages and operates the airport, reflects Morningstar DBRS’ assessment of YVR’s competitive aeronautical fees, strategic location, passenger traffic growth, economic strength, and improving debt metrics. Morningstar DBRS forecasts that VAA’s financial metrics will continue to support the current rating until 2030. The reaffirmation underscores YVR's robust market position and prudent approach to capital investment.

“These credit assessments recognize the strength of our business model and the disciplined financial management that supports YVR’s operations and long-term plans," said Clayton Buckingham, Vice President, Finance and CFO, Vancouver International Airport. "We are focused on investing in resilience, safety, and furthering our leading passenger experience—while maintaining a strong balance sheet and enabling substantial economic impacts for our region and the country.”

Strong credit ratings allow access to cost-effective financing, which will support continued investment in airport infrastructure, innovations, and services for the benefit of passengers, airline partners, and the community.

“While YVR is ready to go now with the infrastructure and capacity to welcome new carriers and new routes, our strong financial position allows us to consider additional investments when and where they are required while maintaining competitive fees for our airline partners and travellers,” said Tamara Vrooman, President and CEO, Vancouver International Airport. “This includes potential investments as part of YVR’s commitment to double cargo volumes over the next five years in service of growing jobs and the economy and helping Canadian businesses get more of their products to global markets.”

YVR is coming off a record year in 2025 with 26.9 million passengers travelling through the airport and the movement of 365,000 tonnes of cargo, up 7.4 per cent from 2024. This was accomplished thanks to strong operations and customer service combined with globally recognized innovations. YVR was also recently voted Best Airport in North America by Skytrax for a record 15^th year and named as one of the top 10 airports globally.

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