Moody’s revises outlook for Denver airport to positive
Bloomberg News
Moody’s Ratings lifted its outlook on Denver International Airport’s ratings to positive from stable as the airport winds down a $2.9 billion capital plan.
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The airport, which had about $6.5 billion of outstanding debt as of 2025, has an Aa3 rating for its senior revenue bonds and A1 rating for subordinate bonds, according to Moody’s.
The positive outlook reflects the airport’s “stronger-than-anticipated financial and enplanement performance and significant de-risking of its 2023-2027 capital plan,” the rating agency said on Friday, noting that 95% of projects are under contract and about two-thirds of the capital plan budget has been expended, “limiting the risk of cost overruns and additional debt.”
“While the enterprise is considering the next capital program to add capacity to accommodate growth, which may be partially debt-funded, the associated risks are mitigated by the enterprise’s experience managing projects of similar size and complexity and its track record of prudently issuing debt without significant increases in leverage over short periods,” Moody’s said.
The outlook revision “demonstrates confidence in our ability to deliver critical infrastructure projects while maintaining a solid financial foundation,” Laura Swartz, a spokesperson for Denver’s finance department, said on Tuesday.
She added the issuance of long-term bonds is contemplated for next year. The City and County of Denver last sold bonds for the airport in 2023 with a $586.8 million
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