REGULATORY COMPLIANCE | 2025 IMPACT REPORT 35
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY
Debt Service Coverage Ratio
Sound fi nancial planning remains central to the Airports Authority’ s resilience.
The Airports Authority maintained a debt service coverage ratio signifi cantly above required minimum thresholds, refl ecting prudent fi scal oversight and disciplined management of long-term obligations.
In the fi scal year 2025, the Authority’ s debt service coverage ratio stood at 2.87x, far surpassing the mandated minimum threshold of 1.25x. This performance reinforces fi nancial stability, strengthens investor confi dence and supports continued investment in critical infrastructure improvements across the airport system.
Credit Ratings
Ensuring robust creditworthiness is paramount to the Airports Authority’ s fi nancial standing, organizational credibility and pursuit of optimal capital costs. To uphold this standard, the Authority maintains close ties and credit assessments with leading agencies such as Fitch Ratings, Moody’ s Investors Service and S & P Global Ratings. As of December 31, 2025, the Airports Authority’ s credit ratings are as follows:
Airport System Revenue Bonds
Fitch Moody’ s S & P Global AA-( Stable) Aa3( Stable) AA-( Stable)
Aviation Enterprise Debt Service Coverage Dulles Toll Road Revenue Bonds
3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 |
3.16 |
2.77 |
2.26 |
1.98 |
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2021 |
2022 |
2023 |
2024 |
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2.87
2025
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Moody’ s
S & P Global
AFirst Senior Lien“ A2”( Stable)“ A”( Stable)
Second Senior Lien
Subordinate Lien
“ Baa1”/” A1”( AGMC Insured)/( Stable)
“ Baa1”/” A2”( AGC Insured)( Stable)
“ Baa2”/ A1( Insured)( Stable)
“ A-”/” AA”( Insured)( Stable)
“ A-”/ AA( Insured)( Stable)
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Investor Relations |
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Transparent fi nancial disclosure is a cornerstone of the Airports Authority’ s compliance framework. |
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Through regular reporting, timely disclosures and responsive stakeholder engagement, the Airports Authority ensures investors, fi nancial partners and oversight bodies have consistent access to accurate and meaningful fi nancial information. |
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Monthly fi nancial reporting, board-reviewed disclosures and continuing disclosure fi lings support transparency and reinforce confi dence in the Airports Authority’ s fi scal stewardship. |