S&P upgrades ratings of Montego Bay Airport Revenue Finance and King Air to BB+

Standard and Poor's (S&P), the world's leading credit ratings agency - recently increased the ratings of Montego Bay Airport Revenue Finance and King Air to BB+, which is one notch above Jamaica's rating.

 

The agency also stressed that this upgrade was an expression of confidence in the entities' ability to withstand a hypothetical sovereign stress. That would include a 10 per cent dip in passenger arrivals, a five per cent increase in operating and maintenance costs and 50 per cent fall in the value of the Jamaican  dollar in relation to the US dollar.

 

King Air and Montego Bay Airport Finance are special purpose vehicles, which were used by the Government of Jamaica to borrow money using the fees due to it from both airports as collateral.

 

King Air raised US$480 million in September of 2024, while Montego Bay Airport Revenue Finance raised US$63.8 million in July of 2025.

 

The Air bond, which is due in 2036 attracts a rate of interest of 6.75% per annum, while Montego Bay  Airport Revenue bond, which matures in 2035, is offering a rate of 6.60% per annum.