Athens International Airport (AIA) announced that it proceeded with the international issue of investment-level, high-recovery, unsecured Notes Investment Grade bonds, €500 million, m7 years, using its strong credit picture and the investment tier from leading international houses, with a strategic objective of expanding and diversifying sources of funding, re-financing part of the company's existing bank lending, as well as for general corporate purposes .
It is AIA's first international counterpart after the company was successfully admitted to the Athens Stock Exchange in 2024, further expanding the company's access to international capital markets.
According to the same announcement, the publication was particularly successful by attracting strong investment interest, with orders exceeding 2.6 billion euros during the preparation of the bidding book covering 5.2 times.
The publication is expected to strengthen Greece's presence in the international investment tier corporate bond market, expand the investment audience placed in Greek corporate securities and further increase the recognition of AIA on international capital markets, consolidating the company among the top investment tier issuers in Southeast Europe.
The publication is one of the few international investment grade bonds issued by a Greek non-financial company and is the first edition of an investment tier bond by a Greek aviation infrastructure company.
The Credit Rating from International Houses
The company has acquired a credit rating of an investment grade BB+ and Baa1 from S&P Global Ratings and Moody’s respectively, which ranks it as one of the few companies in Greece that have a credit rating higher than the Greek Republic, which is very important, as it places the company in a limited group of Greek companies with a strong credit picture.
The evaluation by two leading international houses, S&P and Moody’s, is a strong confirmation of the company’s credit quality, resilience and financial profile.
The objectives of the publication
Differentiating AIA funding sources through the transition to a more balanced mix of banking lending and financing from international capital markets, as the natural next step to support the company's investment and development programme.
Strengthen the financial flexibility of the AIA through the partial transition from financing by collateral to collateral-free financing, while replacing part of the existing loan in better economic terms which optimises the company's capital structure and total lending costs.
Extending the investment base of AIA, introducing the company's credit profile to the international stable income investors market, utilizing the dynamics created by the successful introduction of its shares in the Athens Stock Exchange in 2024.
The strong business model and investment position of AIA
AIA is the largest airport in Greece and one of the most important transport infrastructure in Southeast Europe, serving 34 million passengers in 2025.
The company has a strong business model with differentiated sources of revenues from air and non-air activities, offering high cash flow visibility and resilience in different phases of the economic cycle.
AIA operates under a long-term Contract of Concession until 2046, which offers long-term predictability of revenue and operational activity.
The company has a leading position in one of Europe's fastest-growing tourist markets, taking advantage of the continued strengthening of international demand for Greece as a tourist destination.
AIA has strong credit characteristics, with an investment step higher than the Hellenic Republic, a conservative financial policy and a strong production of free cash flows.