Stable rating for bonds AAA NV affirmed

Moody’s Investor Services, one of the world’s leading credit rating agencies, has affirmed the Baa3 rating of the bonds issued by the Aruba Airport Authority in 1997 and 1999. This rating is determined in two steps. First, the risk of the revenue bonds loan itself is reviewed and reflected in a rating the Baseline Credit Assessment. Then Moody’s reviews if an adjustment is required because it is likely that the Government will give extraordinary support if AAA cannot repay the loan by itself. Compared to the previous rating review in 2007, the Baseline Credit Assessment improved one notch from Ba1 to Baa3.

Moody’s mentions passenger growth and consistently improving financial results during the past years as the main reasons for this improved rating. Management’s successful efforts to diversify the company’s revenues and the well-controlled cost structure are also highlighted. The upward adjustment for possible government support, which was given in the previous rating, was not given this time.

Despite the current worldwide economic crisis, Moody’s has maintained a ‘stable outlook’ for the rating, meaning that it does not see significant threats of downward adjustment of the rating. Peter Steinmetz, Managing Director of AAA NV is pleased with the rating: “If many other companies get downgraded during this time of recession, a stable rating is almost a step forward! Especially the ‘stable outlook’ given by Moody’s is a sign that the efforts of management and employees of the past years to make AAA a healthy and strong company have paid off.”