REGULATORY COMPLIANCE | 2025 IMPACT REPORT 34
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY
Building Better Airports Across America
2022 $ 22,144,350 2023 $ 22,054,374 2024 $ 22,503,482 2025 $ 22,840,662 Total $ 89,492,868
Airport infrastructure Grants $ 179.7 million Formula-based grants for PFC-eligible projects
Reagan National
Dulles International IAD Tier 2 Concourse( East)
2022 $ 50,590,000 2023 $ 20,000,000 2024 $ 35,000,000 2025 $ 40,000,000 Total $ 145,599,248
Dulles International
2022 $ 22,844,908 2023 $ 22,737,109 2024 $ 22,121,621 2025 $ 22,592,406 Total $ 90,296,044
Airport infrastructure Grants $ 145.5 million Competitive grants for terminal development projects
Bond Refunding
The Airports Authority issued bonds in 2025, to fund $ 410 million in construction project costs, and refunded $ 247.4 million of previously issued bonds with $ 230.9 million of Airport System Revenue and Refunding Bonds. The refunding provided $ 12.2 million present-value debt service savings, or $ 14.8 million in gross savings, exceeding the Airports Authority’ s savings goals for the transaction.
The refunding is the continuation of efforts aimed at lowering the Airports Authority’ s debt-service costs. Since 2010, the Airports Authority has refunded $ 5.5 billion in bonds and achieved $ 655 million in present-value debt savings for the Aviation Enterprise. The refunding lowered fi nancing costs for the Aviation Enterprise, primarily at Dulles International, through 2030.
The Airports Authority’ s bond transaction was offered during the busiest week in the bond market since 2017, with over $ 19 billion in bonds from multiple issuers offered. Amid economic and political uncertainty related to shifting policies of the federal administration, tariffs, federal budget negotiations, mixed market data and high market volume, the Airports Authority’ s bond sale attracted several high-caliber institutional investors, with orders received at 6.7 times the amount offered. In total, the Airports Authority received investor orders of $ 4.8 billion for the $ 714 million bond offering.
In March, April and May, Airports Authority staff met with investors and presented the Airports Authority’ s credit to Moody’ s Ratings, S & P Global Ratings and Fitch Ratings. Each credit rating agency affi rmed the Airports Authority’ s current“ Aa3”( Moody’ s) and“ AA-”( S & P and Fitch) ratings with a“ stable” outlook while recognizing credit strengths such as the Airports Authority’ s robust fi nancials, dual large-hub airport system, diverse carrier mix, strong underlying economic region, enplanement growth, prudent management and strong governance.
These actions refl ect a commitment to maintaining competitive airline rates and charges while ensuring capital resources remain available to support future infrastructure modernization and operational growth.
Bonds
The Airports Authority continues to fi nance its Capital Construction Program for the Aviation Enterprise and Capital Improvement Program for the Dulles Corridor Enterprise through responsible revenue bond issuance and strategic debt management.
Bonds Outstanding & Fixed Rates as of Jan. 1, 2026 1 Bonds Outstanding
Aviation Enterprise $ 4.5 billion 96.1 percent Dulles Corridor Enterprise $ 3.5 billion 100 percent
Percentage of Fixed Rates
By leveraging favorable market conditions and proactively refi nancing outstanding obligations, the Airports Authority reduced long-term debt service costs and strengthened fi nancial fl exibility.