2024 Elevating Impact Report | Page 34

Bonds

To support critical capital infrastructure across the Aviation Enterprise and the Dulles Corridor Enterprise, the Airports Authority issues revenue bonds guided by its commitment to responsible fi nancial practices. Taking advantage of favorable interest rate conditions, the Authority refi nanced existing obligations to reduce long term debt costs.

In 2024, the Airports Authority issued the Series 2024A Airport System Revenue Refunding Bonds, generating $ 27.6 million in present value debt service savings. In total, $ 436.6 million in airport system bonds were refunded, resulting in $ 39.5 million in gross savings. These actions refl ect a commitment to maintaining competitive airline rates and charges while managing debt effectively.

Credit Ratings

Maintaining strong credit ratings is essential to the Airports Authority’ s ability to manage capital costs and sustain fi nancial credibility. The Airports Authority works closely with major credit rating agencies such as Fitch Ratings, Moody’ s Investors Service, and S & P Global Ratings, to ensure continued evaluation of its credit position. These agencies provide independent assessments that help guide fi nancial decisions and support investor confi dence. As of December 31, 2024, the Authority’ s credit ratings are as follows:

Airport System Revenue Bonds

Bonds Outstanding & Fixed Rates as of January. 1, 20251 Bonds Outstanding

Percentage of Fixed Rates

Fitch Moody’ s S & P Global

AA-( Stable) Aa3( Stable) AA-( Stable)

Aviation Enterprise $ 4.2 billion 95.7 % Dulles Corridor Enterprise $ 3.5 billion 100 %

Dulles Toll Road Revenue Bonds Moody’ s

S & P Global

Debt Service Coverage Ratio

The Airports Authority’ s prudent fi nancial management, particularly in handling debt service obligations, has been instrumental in upholding its fi nancial resilience. In the fi scal year 2024, debt service coverage ratio stood at 3.16x, surpassing the minimum threshold of 1.25x required on an indenture basis. This achievement underscores our commitment to maintaining robust fi nancial health and stability.

First Senior Lien“ A2”( Stable)“ A”( Stable) Second Senior Lien“ Baa1”/” A1”( Insured)/( Stable)“ A-”/” AA”( Insured)( Stable)

Subordinate Lien“ Baa2”/ A1( Insured)( Stable)“ A-”/ AA( Insured)( Stable)

3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00

REGULATORY COMPLIANCE | 2024 IMPACT REPORT 33

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY