(Bloomberg) -- Nearly two years after the $4 billion transformation of LaGuardia Airport’s Terminal B, the outlook for the aviation hub’s debt is looking up, according to Fitch Ratings.

Analysts led by Anita Lin raised their outlook for LaGuardia Gateway Partners to positive from stable citing strong traffic and a better-than-expected financial performance. The Terminal B project was essential to the airport and supportive of “resilient traffic demand,” according to a release Tuesday. 

LaGuardia, one of three major airports serving New York City, handled over 32 million passengers in 2023, according to the release. Enplanements in 2023 were well above prepandemic levels, and indicate “healthy growth rates.” Going forward, Fitch analysts expect steady growth with a mix of business and leisure travel. 

“Passenger activity has mostly normalized since the pandemic, with business travel still lagging behind prepandemic levels,” the analysts wrote. 

©2024 Bloomberg L.P.