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GIAA outlines finances, capital projects and $9.25M aviation-fuel tax claim
Summary
At a Feb. 16 oversight hearing GIAA officials detailed airport finances, a $100.8M capital-improvement portfolio, and said prior-year aviation fuel tax owed to the authority totals $9,254,625; agency leaders warned Moody's placed airport bonds on a negative outlook and urged careful management of concession and revenue programs to preserve credit.
The Guam International Airport Authority told members of the Legislature’s joint oversight committee on Feb. 16 that airport finances are improving but remain fragile, and that the authority is pursuing multiple capital-improvement projects while monitoring debt-service covenants.
GIAA representatives said the authority monitors its debt service coverage ratio monthly and budgets conservatively. The authority reported it budgeted about $6.7 million in general-merchandise concession revenue for FY2026; GIAA staff said removing that projected revenue could reduce the authority’s debt service coverage ratio from a projected 1.61 to about 1.19 in a full-year scenario.
GIAA noted Moody’s…
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