Finance
Bond Ratings
Bond ratings are opinions assigned by rating agencies of the creditworthiness of an issuer’s debt. To determine a rating, each agency conducts a thorough financial analysis of a bond issuing body and applies its specific criteria to form an opinion on the issuing body’s ability to pay those bonds and remain liquid, as well as the issuing body’s long-term outlook. Generally, bonds rated BBB‐ (S&P and Fitch) or Baa3 (Moody’s) or better are considered by the rating agencies to be “investment grade” (i.e., suitable for preservation of investment capital). Generally, bonds rated below said levels are considered by the rating agencies to be “non‐investment grade.”
Massport’s bonds, as issued under the 1978 Trust Agreement and the Customer Facility Charge (CFC) Trust Agreement, are currently rated by Moody’s, S&P Global Ratings and Fitch. Massport’s Bond ratings are currently as follows:
| BONDING PROGRAM | MOODY'S | S&P | FITCH |
|---|---|---|---|
| 1978 Trust Agreement | |||
| Revenue Bonds | Aa2, Stable | AA, Stable | AA, Stable |
| CFC Trust Agreement | |||
| Special Facilities Revenue Bonds (ConRAC Project) | A2, Positive | A, Stable | A+, Stable |
The ratings described above do not constitute any recommendation by Massport or the rating agencies as to the purchase or sale of any bonds. Prospective purchasers or sellers of bonds should contact the applicable rating agency to obtain further explanation of the meaning and significance of such rating. Additional information about current Massport ratings can be obtained from each rating agency on their respective websites.