WARWICK, RI – January 14, 2026 – As 2025 came to a close, the Rhode Island Airport Corporation (RIAC) received two independent validations of its financial stewardship: confirmation of debt affordability by the Rhode Island Public Finance Management Board (PFMB) and a fifth credit rating upgrade in two years from Moody’s Investors Service.
In its December Debt Affordability Study, the PFMB confirmed that RIAC remains well within all recommended affordability limits for quasi-public agencies, validating that its capital program and borrowing levels remain sustainable.
Separately, Moody’s Investors Service upgraded RIAC’s General Airport Revenue Bonds from Baa1 to A3 with a stable outlook, marking RIAC’s fifth credit rating upgrade in the last two years.
“These two independent reviews tell the same story,” said Iftikhar Ahmad, president and CEO of RIAC. “We are investing and modernizing while protecting affordability for passengers, airlines, and taxpayers.”
PFMB Findings include:
- Debt service coverage of 2.69x (exceeding minimum guideline: 1.5x)
- Debt per enplaned passenger of about $55 (exceeding guideline: $100)
- Full compliance with all affordability metrics
Moody’s Cited:
- Strong fiscal discipline
- Improved operating performance
- Conservative financial practices
- Effective management oversight
Reports align with RIAC’s long-term results:
- Airport debt reduced ~ 40% since 2016
- Liquidity up more than 260%, from $30.7M to ~ $111M
- Cost per enplanement down 36%
- Debt service coverage improved from 2.14x to 2.69x
“We do not view these results in a celebratory manner, but they are shared in the spirit of transparency,” Ahmad said. “They show RIAC is financially stable, well managed, and positioned to support Rhode Island’s tourism economy.”
About Rhode Island T. F. Green International Airport: Rhode Island T. F. Green International Airport (PVD) serves a catchment area of 7.5 million residents within 90 minutes, drawing travelers from Rhode Island, Massachusetts, and eastern Connecticut. Located just outside Providence, PVD is known for easy access, affordable parking, and efficient security. PVD has been named one of USA Today’s “Readers’ Choice Best Small Airports,” No. 1 in Travel + Leisure’s “World’s Best Awards,” Top 3 in the U.S. by Condé Nast Traveler Readers’ Choice Awards, and Top Ten in the World for 2023. More information is available at https://flyri.com.
