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OTTAWA AIRPORT AUTHORITY’S RATING UPGRADED

Release date: 
21 August 2008 :00am

Moody’s Investors Service upgraded the Ottawa Macdonald-Cartier International Airport Authority’s senior secured debt rating from A1 to Aa3.

The rating was upgraded based on several factors including, the Airport Authority’s reduced capital requirements in the short to medium term and its solid liquidity, coupled with its strong financial position.

“We are delighted that our disciplines have been recognized by Moody’s and reflected in what we understand to be the highest rating that Moody’s has given to airports that it rates in Canada” said John Weerdenburg, Vice President and Chief Financial Officer of the Ottawa International Airport Authority.

The Ottawa Macdonald-Cartier International Airport Authority (OMCIAA) operates Ottawa International Airport without government subsidies under a 60-year lease transfer agreement with Transport Canada. The OMCIAA’s mandate is to manage, operate and develop airport facilities and lands in support of the economic growth of the National Capital Region.