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GIAA seeks short-term credit facility as comptroller flags cash pressure and $9.25M fuel-tax arrear
Summary
GIAA told the Legislature it is maintaining required debt metrics but faces cash pressure because emplanements remain about half of pre-COVID levels; the authority is pursuing a contingency short-term credit facility of up to $15 million to smooth FAA grant reimbursements and capital disbursements.
The Guam International Airport Authority presented a financial briefing showing emplanements remain well below pre-pandemic levels and that the airport is using cost controls and cash-management tools to preserve its debt metrics.
Comptroller Daphne Shimizu told the committee that emplanements for FY24 are about 55% of 2019 levels. She said the airport has maintained a debt-service-coverage ratio of approximately 1.69 times (above the 1.25 requirement) and received an unmodified audit opinion for FY24; Moody—s rating remained at Ba2 (investment grade equivalent for the territory) but the outlook was revised to negative because of the slow tourism recovery and Typhoon Mawar impacts.
Cash-flow tool: Shimizu and management described an RFP…
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