Economic Performance
Bonds
The Airports Authority finances a Capital Construction Program for the Aviation Enterprise and a Capital Improvement Program for the Dulles Corridor Enterprise through the issuance of revenue bonds and had $ 7.7 billion bonds outstanding as of January 2023 . The outstanding debt portfolio is conservatively structured , with 96 % fixed rate bonds and only 4 % variable rate bonds . In recent years , the Airports Authority has taken advantage of the low interest rate environment by proactively refunding outstanding bonds in order to reduce outstanding debt and related costs .
In 2022 , the Airports Authority generated $ 15 million in present value debt service savings by issuing the Series 2022A Airport System Revenue Refunding Bonds . In total , the Airports Authority has refunded $ 4.7 billion of Airport System bonds from 2010 through 2022 , resulting in $ 606 million present value debt service savings and allowing the Airports Authority to maintain competitive airline rates and charges . In addition , the Airports Authority generated $ 180 million in present value debt service savings for the Dulles Corridor Enterprise from the issuance of the Series 2022AB Dulles Toll Road Second Senior Lien Revenue Refunding Bonds , which aided in mitigating financial pressures related to the COVID-19 pandemic .
2.4x 2.2x 2.0x 1.8x 1.6x 1.4x 1.2x
Debt Service Coverage Ratio |
( minimum requirement 1.25x ) |
2.26x |
2.05x |
1.98x |
1.69x |
1.79x |
1.77x |
1.82x |
|
|
|
|
|
1.40x |
|
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
Conservative financial management , including that of debt service obligations , has contributed to the Airports Authority ’ s ability to maintain its financial strength . In 2022 the Airports Authority ’ s debt service coverage ratio was 2.25x exceeding the minimum requirement of 1.25x .
Economic Performance 87