2024
DOI: 10.1108/mf-09-2023-0548
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The effect of United States commercial airport rate-setting methods on airport bond ratings

Bahareh Golkar,
Siew Hoon Lim,
Fecri Karanki

Abstract: PurposeA major source of external funding for US airports comes from issuing municipal bonds. Credit rating agencies evaluate the bonds using multiple factors, but the judgments behind the ratings are not well understood. This paper examines if airport rate-setting methods affect the bond ratings of US airports.Design/methodology/approachUsing a set of unbalanced panel data for 58 hub airports from 2010 to 2019, we examine the effect of the rate-setting methods and other airport characteristics on Fitch’s airp… Show more

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