Athens International Airport (AIA) announced that it has proceeded with the international issuance of bonds rated investment grade, with high seniority and unsecured (Senior Unsecured Notes Investment Grade), totaling 500 million euros, with a 7-year maturity.
This is AIA’s first international bond following the company’s successful listing on the Athens Stock Exchange in 2024, further expanding the company’s access to international capital markets.
According to a related announcement, the offering was particularly successful, attracting strong investor interest, with orders exceeding 2.6 billion euros during the book-building process, resulting in 5.2-fold oversubscription.
The offering is expected to strengthen Greece’s presence in the international corporate bond market investment-grade, broaden the investor base investing in Greek corporate securities, and further increase AIA’s visibility in international capital markets, thereby establishing the company among the leading investment-grade issuers in Southeast Europe.
This issuance is one of the very few international investment-grade corporate bond issuances (Investment Grade) by a Greek non-financial company and is the first investment-grade bond issuance by a Greek aviation infrastructure company.
Credit Ratings from International Agencies
The company has received investment-grade credit ratings of BBB+ and Baa1 from S&P Global Ratings and Moody’s respectively, placing it among the very few companies in Greece with a credit rating higher than that of the Hellenic Republic, a very significant fact, as it places the company among a select group of Greek companies with a strong credit profile.
The ratings from two leading international agencies, S&P and Moody’s, serve as strong confirmation of the company’s credit quality, resilience, and financial profile.
The objectives
Diversify AIA’s sources of financing by transitioning to a more balanced mix of bank loans and financing from international capital markets, as the natural next step to support the company’s investment and development program.
Strengthening AIA’s financial flexibility through a partial transition from secured financing to unsecured financing, while simultaneously refinancing part of the existing debt on more favorable financial terms, thereby optimizing the company’s capital structure and overall borrowing costs.
Expansion of AIA’s investor base by introducing the company’s credit profile to the international fixed-income investor market, capitalizing on the momentum generated by the successful listing of its shares on the Athens Stock Exchange in 2024.
AIA’s strong business model and investment position
AIA is Greece’s largest airport in Greece and one of the most important transportation hubs in Southeast Europe, serving 34 million passengers in 2025.
The company has a strong business model with diversified revenue streams from aviation and non-aviation activities, offering high cash flow visibility and resilience across different phases of the economic cycle.
AIA operates under a long-term Concession Agreement through 2046, which provides long-term predictability of revenue and operations.
The company holds a leading position in one of Europe’s fastest-growing tourism markets, benefiting from the continued growth in international demand for Greece as a tourist destination.
AIA has strong credit characteristics, with an investment-grade rating higher than that of the Hellenic Republic, a conservative financial policy, and strong free cash flow generation.
