Moody's Ratings has assigned a first-time Aa2 issuer rating with a stable outlook to the Vancouver Airport Authority, the private, non-shareholder capital corporation that manages Vancouver International Airport (YVR). The rating highlights YVR's very strong market position as Canada's primary Asia-Pacific gateway and the country's second-largest airport, as well as its robust operating performance, prudent capital planning, and disciplined financial management.
Strong Market Position and Performance
According to Moody's, the Aa2 rating reflects YVR's structurally strong passenger demand, which underpins long-term traffic resilience. The airport continues to grow cargo volumes, achieving a record year in 2025 alongside the strongest passenger volumes in its history, reinforcing its position as a cargo hub. Additionally, Moody's notes the Airport Authority's exceptionally strong credit metrics with low leverage.
Clayton Buckingham, Vice President, Finance and CFO of Vancouver Airport Authority, stated: "Receiving an Aa2 public rating from Moody's further validates the Airport Authority's strong financial foundation, resilient operating performance, and our prudent long-term strategy. Together with existing ratings from S&P and Morningstar DBRS, this reinforces confidence in our credit profile, supports our long-term financing strategy and broader engagement with global capital markets, and also helps position the Airport Authority to continue investing to support trade, tourism and economic growth across British Columbia and Canada."
Recent Positive Rating Actions
The Moody's public rating follows recent positive rating actions from S&P Global Ratings and Morningstar DBRS. In March 2026, S&P upgraded the Airport Authority's long-term issuer credit and senior unsecured debt ratings to AA with a stable outlook, citing strong financial performance, robust passenger demand, and disciplined capital investment planning. In April 2026, Morningstar DBRS confirmed the Airport Authority's Issuer Rating and Senior Debentures rating at AA (low) with Stable trends, supported by strong service area fundamentals, resilient traffic performance, conservative financial management, and comparatively low aeronautical fees.
YVR's Record Performance
As Canada's Pacific Gateway to Asia and beyond, Vancouver International Airport is a strategic connecting hub and a key economic driver for the region and Western Canada. In 2025, YVR moved a record 26.9 million passengers and nearly 365,000 tonnes of cargo, up 7.4% from the previous year. YVR was also recently named Skytrax Best Airport in North America for a record 15th year and ranked in the top 10 of all airports globally.
The Vancouver Airport Authority is the non-share capital organization that manages and operates Vancouver International Airport (YVR) in service of the community and economy that supports it.
