Aéroports de Montréal: Rating Report

On June 28, 2019, DBRS Limited (DBRS) confirmed the Issuer Rating and Revenue Bonds rating of Aéroports de Montréal (ADM or the Authority) at A (high) with Stable trends. The ratings are supported by healthy operating results, well-diversified revenue sources and passenger mix as well as the Authority’s prudent management style, but tempered by the substantial debt increases expected in the coming years to fund ADM’s capital program.