NEW ORLEANS – The Ernest N. Morial New Orleans Exhibition Hall Authority (the Authority) affirmed an Aa3 issuer rating from Moody’s Ratings, reflecting the Authority’s credit quality and ability to repay debt and debt-like obligations without consideration of any pledge, security or structural features.
Moody’s also confirmed the Authority’s special tax ratings of Aa3, highlighting the Convention Center’s stable financial operations, strong performance and solid management team.
Rating Review Under New Criteria
In December 2025, Moody’s Investors Service revised its rating criteria applicable to the Authority. The criteria now aims to evaluate the Authority’s overall creditworthiness, separate and apart from any particular debt issuance, taking into account the Authority’s budgetary/financial performance as well as broader economic conditions.
After recently concluding a rating review under Moody’s new criteria, the Authority’s credit ratings on all of its outstanding debt were confirmed at ‘Aa3’. This rating is based on the Authority’s “strong” financial performance, scoring at the highest level of Moody’s criteria in this category. Also supporting this rating is Moody’s view of the Authority’s stable operations and “strong” management team.
Financial Strength and Reserves
Moody’s rating affirms the Authority’s sound financial management and low risk profile. The Authority ended the 2024 fiscal year with available reserves exceeding 50% of revenue and maintains significant restricted reserves available for operations, debt service or capital projects, if needed.
“The Aa3 rating from Moody’s underscores the Authority’s sound financial management and long-term stability,” said Alita Caparotta, Chief Administrative Officer of the New Orleans Ernest N. Morial Convention Center. “It reflects the dedication of our team and the prudent governance of the Authority, ensuring the Convention Center remains financially resilient, operationally efficient and well-positioned to serve the event industry.”
The rating reflects the success of the Greater New Orleans economy, supported by steady tourism and economic growth over the years. The Authority’s long-term liabilities remain manageable at approximately 217% of fiscal 2024 revenue, supported by a strong capital plan.
Capital Investments and Economic Impact
In addition to its financial strength, the Convention Center is advancing major facility investments. The planned Omni New Orleans project is expected to generate $15.2 million in combined state and local tax revenue annually, while the $763 million Capital Improvement Plan is enhancing the Convention Center to attract larger events and boost the city’s economic impact.
