Moody’s Investors Service has upgraded the bond rating of Burlington International Airport and noted that the airport has finally reversed a years-long trend of declining usage.
The upgrade, from Ba1 to Baa3, reflects improvements in financial management, Moody’s said in a release.
“The rating also reflects the recent trend of enplanements, which turned positive in 2014 after several years of declines,” the release said.
Moody’s said the university and health care presence in Burlington, along with diversity of revenues -- such as those from parking and concessions -- and limited competition in the area all contribute positively to the airport’s financial position.
The upgrade is another in a string of financial improvements in Burlington. Mayor Miro Weinberger highlighted an upgrade of the city’s credit outlook in August and the city closed a deal for a low-interest bond with the Vermont Municipal Bond Bank in January.
