COLONIE, N.Y. (NEWS10) — Albany International Airport’s long-term airport revenue bond rating has risen from ‘A-‘ to ‘A,’ according to Philip Calderone, the airport’s CEO. Standard & Poors (S&P) said the decision to raise the airport’s bond rating was based on an increase in business coming out of the pandemic, along with expectations that business would continue to come back.

“The improvement in the Airport’s bond rating recognizes the commitment of the Airport’s management and staff to position Albany International Airport as a leader in the airport sector’s recovery from the highly disruptive impact of the COVID virus on the aviation industry,” says Calderone. “It also solidifies the Albany International Airport’s market position for future growth and development as it moves forward with its first Master Plan in 30 years.”

In making the announcement, S&P stated, “the rating action reflects our expectation that ALB’s strong rebound in enplanement levels to near pre-pandemic levels will be sustained, supporting a return to business-as-usual rate-making with an improved market position assessment and a return of its enterprise risk profile assessment back to the pre-pandemic level of strength. We expect ALB will maintain financial metrics (S&P Global Ratings-calculated) consistent with an unchanged strong financial risk profile.”

S&P also noted the Airport’s “very strong management and governance that has established a record of managing and operating its airport facilities with the flexibility to adjust revenues, expenses, and capital spending, as needed, to maintain steady financial results.”