The Authority issued $125 million in bonds on June 12
Both Fitch Ratings and Moody’s Investor Service assigned strong investment-grade credit ratings to the Ernest N. Morial New Orleans Exhibition Hall Authority’s (Authority) $125 million Special Tax Revenue Bonds, Series 2025, confirming the Authority’s solid financial standing. Due to the New Orleans Ernest N. Morial Convention Center’s competitiveness in the event space, strong financial and operational management of the Convention Center, and high ratings, the Series 2025 bonds attracted four times as many orders from investors as there were bonds to sell.
In affirming the Authority’s AA+ bond rating, Fitch pointed to projected revenue growth and a strong trajectory for New Orleans tourism. Moody’s assigned its Aa3 rating citing the Authority’s proven ability to maintain solid debt service coverage through economic disruptions.
“Receiving an Aa3 rating from Moody’s and an AA+ rating from Fitch gives us even more confidence in the Authority’s strong financial position,” said Alita Caparotta, Interim President and CEO of the New Orleans Ernest N. Morial Convention Center. “These ratings and the successful issuance, with $536 million in orders for $125 million in bonds, reflect the hard work and dedication of our team and the ongoing efforts to ensure that the Convention Center remains financially stable, operationally efficient and ready to meet the demands of the event industry.”
On June 12, the Authority issued $125 million in bonds with plans to use the proceeds to fund critical infrastructure enhancements at the Convention Center which will support economic development and enhance New Orleans’ position as a premier destination for large-scale conventions and events.
The bonds are backed by tax revenues from hotel stays, food and beverage sales, tour tickets and other services related to conventions and other events.
Managing its funds with foresight and care has enabled the Authority to undertake extensive facility upgrades and renovations designed to provide exceptional visitor experience and ensure long-term sustainability for the Convention Center. With favorable ratings from Fitch and Moody’s and the $125 million bond issuance, the Authority is well positioned to deliver strategic enhancements designed to drive economic vitality and maximize New Orleans’ tourism assets.
About the Ernest N. Morial New Orleans Exhibition Hall Authority
The Ernest N. Morial New Orleans Exhibition Hall Authority’s (Authority) exclusive mission is to finance, construct and operate facilities in order to attract and conduct conventions, trade shows and other events that support and expand the economy of both the State of Louisiana and New Orleans Region. The Authority is composed of a 13-member board of commissioners, ten appointed by the Governor of Louisiana, and three appointed by the Mayor of New Orleans. Since 1985, event activity at the New Orleans Ernest N. Morial Convention Center has produced $90.1 billion in economic impact since its 1985 opening, including $5.7 billion in new tax revenue for state and local governments.
About the New Orleans Ernest N. Morial Convention Center
New Orleans is Built to Host! With 1.1 million square feet of prime exhibit space on one level, all under one roof, NOENMCC is tied for the sixth-largest convention center in the United States. NOENMCC is a 2025 Exhibitor Magazine Centers of Excellence recipient and is consistently named a regional top workplace by The Times-Picayune/The New Orleans Advocate. A recent LEED Gold certification makes NOENMCC the largest LEED-certified project in Louisiana and the largest convention center project in the U.S. certified under LEED v4.1 Operations and Maintenance, as well as the first convention center in the world to be awarded initial certification under LEED Gold v4.1 O+M. A leading contributor to the city’s robust tourism economy, NOENMCC event activity has produced $90.1 billion in economic impact since its 1985 opening.
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