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FOR IMMEDIATE RELEASE: March 5th, 2026
Contact: Hailey Standish, 907-451-2596

Alaska International Airport System Receives Aa3 Stable Rating from Moody's

(Anchorage, Alaska) – The Alaska International Airport System (AIAS), which operates Ted Stevens Anchorage International Airport (ANC) and Fairbanks International Airport (FAI), has received a long-term issuer credit rating of Aa3 with a Stable Outlook from Moody's Ratings.

The Aa3 rating reflects AIAS’s strong financial position, resilient operating performance, prudent fiscal management, and the strategic global importance of its airports—particularly ANC’s role as one of the world’s leading air cargo hubs.

“This Aa3 Stable rating affirms the financial strength and disciplined management of the Alaska International Airport System,” said Angie Spear, Director of AIAS. “Our team has worked diligently to maintain a conservative financial framework while continuing to invest in critical infrastructure that supports global commerce, passenger service, and Alaska’s economy.”

Key Credit Strengths

According to Moody’s, the rating is supported by several core strengths:

• Strategic Global Positioning – ANC’s geographic location makes it one of the most efficient transpacific cargo hubs in the world, supporting international supply chains and time-sensitive goods movement.
• Strong Liquidity and Financial Performance – AIAS maintains healthy cash reserves and stable operating margins and fully funded debt service reserves.
• Airline Cost Competitiveness – Predictable and competitive airline rates under long-term operating agreements.
• Prudent Capital Planning – Multi-year capital improvement planning aligned with operational needs and financial capacity.
  “Delivering World-Class Cargo and Passenger Services as Alaska’s Gateway to the World.”

The Stable Outlook indicates Moody’s expectation that AIAS will continue to maintain strong financial metrics, stable enplanement and cargo volumes, and sound management practices over the medium term.

Supporting Growth and Infrastructure

AIAS continues to invest strategically in infrastructure improvements at both ANC and FAI, including airfield modernization, cargo hardstand development, terminal upgrades, and airfield safety enhancements. These investments are designed to sustain operational efficiency while accommodating long-term growth in both cargo and passenger traffic.

The credit rating strengthens AIAS’s position in capital markets, supporting favorable borrowing terms and long-term infrastructure financing as the system advances its capital program.

Commitment to Fiscal Stewardship

AIAS operates under a self-sustaining enterprise model, with revenues generated from airport users reinvested into system operations and infrastructure. The Aa3 Stable rating underscores the system’s commitment to fiscal discipline, operational excellence, and maintaining competitive airline costs.

“The rating affirms the long-term financial strategy of this fully self-sustaining enterprise, grounded in disciplined expense management, continued capital investment, and fully funded, declining debt service,” said Susan Ault, AIAS Controller. “Working with our airport teams and stakeholders and strengthened by our strategic position as one of the world’s most efficient transpacific cargo hubs, we remain financially resilient and well-positioned for the future.”

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About Fairbanks International Airport

Fairbanks International Airport is the gateway to Alaska’s interior and Denali National Park. It’s one half of the Alaska International Airport System and serves more than a million passengers annually. Equipped to handle any size and type of aircraft, anytime, with state-of-the-art landing systems and terminal facilities. Accounts for 1 in 20 jobs for a total of 1,900 jobs in Fairbanks.  

About DOT&PF

The Alaska Department of Transportation and Public Facilities oversees 237 airports, 9 ferries serving 35 communities along 3,500 marine miles, over 5,600 miles of highway and 839 public facilities throughout the state of Alaska. The mission of the department is to “Keep Alaska Moving.”

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