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Standard & Poor Reaffirms Ratings for DEN Revenue Bonds

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DENVER – April 28, 2021 – Standard & Poor (S&P) has revised Denver International Airport’s (DEN) debtrating/outlook from negative to stable. DEN maintained a strong credit rating through the pandemic and the outlook upgrade from negative to stable reflects DEN’s strong recovery and the expectation the air travel industry will begin to rebound this summer.

IssuerRating/outlook as of April 22, 2021Previous rating/outlook
DENA+/StableA+/Negative
DEN (second lien)A/StableA/Negative

DEN, along with others in the U.S. not-for-profit transportation infrastructure sector, initially received a downturn in ratings due to the ongoing COVID-19 pandemic. Updates to ratings are made when economic trends shift – such as the levels of demand over time.

According to S&P, “U.S. Not-For-Profit Transportation Infrastructure Sector View Is Now Stable For Airports, Mass Transit, And Toll Roads. Conditions and landscape for U.S. transportation infrastructure issuers as markedly improved since the beginning of the year. Specifically, we believe current positive trends–combined with substantial amounts of federal grants to the transit and airport sectors–have reduced the likelihood of weakened credit quality among the issuers that we rate.”


Denver International Airport is one of the busiest airports in the world. DEN is the primary economic engine for the state of Colorado, generating more than $36 billion for the region annually. For more information visit www.FlyDenver.com, check us out on YouTube and Instagram, like us on Facebook and follow us on Twitter. Sign up for DEN’s monthly newsletter Nonstop News.


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Denver International Airport is one of the busiest airports in the world. DEN is the primary economic engine for the state of Colorado, generating more than $36 billion for the region annually. Follow us on socials!