Standard & Poor’s Rating Services has affirmed the "BBB” rating of Pensacola International Airport’s revenue bonds and has revised its outlook on the bonds from negative to stable.
The report issued by Standard & Poors highlighted Pensacola International Airport’s strengths as a "good origin-destination market” and "good base of demand,” pointing out that Pensacola has had no fewer than about 701,000 enplanements per year dating back to 2005.
"The outlook revision reflects our view of improved debt service coverage and liquidity that we expect will continue at sufficient levels for the rating,” according to the report.
The Airport also announced today that food and beverage concessions revenues have increased substantially since transitioning to OHM Concessions Group last year. Gross food and beverage concessions sales are up by 15.4% over last year, and sales per enplaned passenger have increased from an FY14 average of $3.19 to $4.60 in April 2015. OHM’s gross sales of $326,143.67 in April 2015 exceeded the previous concessionaire’s highest-grossing month ($278,578.67 in July 2008) by more than $45,000. The City’s contract with OHM is expected to generate more than $1 million over ten years in additional non-airline revenue for Pensacola International Airport.
"Pensacola International Airport is the first choice of travelers all along the central Gulf Coast, and today’s announcements are just the latest indicators that things are continuing to move in the right direction,” said Pensacola Mayor Ashton Hayward. "By improving our bond outlook and increasing non-airline revenue, we’re positioning Pensacola International Airport to better compete for new carriers, new routes, and new passengers.”