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Guam airport seeks repayment of $9.254 million in overdue aviation fuel tax; Moody’s flags outlook
Summary
Guam International Airport Authority officials told a legislative oversight hearing July 24 that $9,254,000 in aviation fuel tax owed since 2018 remains outstanding and has been recorded as a receivable. Moody’s affirmed the airport’s Baa2 rating but changed the outlook to negative, citing slower passenger recovery among other factors.
Guam International Airport Authority officials told the Legislature’s Committee on Transportation, Tourism, Customs, Utilities, Federal and Foreign Affairs on July 24 that the authority is owed $9,254,000 in back aviation fuel tax dating to 2018 and is asking the government to appropriate funds or enter a promissory arrangement to repay the amount.
The sum stems from Public Law 34-44 (2018), which increased the aviation fuel tax from 4¢ to 8¢ per gallon. Comptroller Daphne Shimizu told senators the additional 4¢ created what GIAA records as “AFT arrearages” for 2018–2023 and that those amounts are recorded as receivables on the airport’s books.
Why it matters: The receivable is material to the airport’s balance sheet and was discussed by credit analysts. Moody’s on July 7 affirmed GIAA’s Baa2 rating but revised the outlook from "stable" to "negative." Comptroller Daphne Shimizu said the rating affirmation means no…
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