Vancouver Airport Authority: Rating Report

On August 23, 2021, DBRS Limited (DBRS Morningstar) confirmed Vancouver Airport Authority’s (VAA or the Authority) Issuer Rating and Senior Debentures rating at AA (low). Trends remain Negative. The rating confirmations reflect DBRS Morningstar's expectation that the traffic volume will gradually recover from the Coronavirus Disease (COVID-19) pandemic and that the ratings will continue to be supported by long-term drivers, such as the economic strength of the service area. The Negative Trends mainly stem from the uncertainties that remain in the path to recovery, which may be interrupted by additional waves of infection triggering extended lockdown and border closures.