Moody's has confirmed an Aa3 issuer rating for the Ernest N. Morial New Orleans Exhibition Hall Authority as of March 2, 2026, effectively blessing the convention center's financial footing while it pushes ahead with a major upgrade program. The authority reported that it closed fiscal 2024 with available reserves exceeding 50% of revenue and holds significant restricted reserves for operations, debt service and capital projects. The rating comes as the center advances a $763 million capital-improvement plan and the planned Omni New Orleans headquarters hotel.
In a press release via MCCNO, the authority said Moody's confirmed the Aa3 ratings on all outstanding debt after completing a rating review under criteria the agency revised in December 2025. According to the release, Moody's scored the authority "strong" on financial performance and cited stable operations and an experienced management team as supporting factors.
Moody's Rationale And Local Backing
“The Aa3 rating from Moody’s underscores the Authority’s sound financial management and long-term stability,” Alita Caparotta, the Convention Center’s chief administrative officer, said in a statement to MCCNO. The authority also reported long-term liabilities equal to roughly 217% of fiscal 2024 revenue and said those obligations are manageable in light of its reserve position and capital plan.
Ratings In Context
Moody's has been following the Convention Center's credit story for years, assigning an Aa3 rating to earlier special-tax bond issues, while Fitch has also given the authority strong grades as tourism rebounded after the pandemic. Biz New Orleans reported on the initial Aa3/AA+ ratings, and local coverage of the June 2025 $125 million bond sale noted heavy investor demand. NOLA Newswire described the Series 2025 bonds as oversubscribed, signaling that markets have been receptive to the authority's credits.
What The Rating Could Mean For Projects
Officials say the Aa3 confirmation should help keep borrowing costs competitive as the authority moves ahead with a $763 million capital-improvement plan aimed at modernizing meeting rooms, lobbies and exhibit halls. New Orleans CityBusiness has reported on the CIP and noted that roughly $350 million has already been spent on early phases. The planned Omni New Orleans headquarters hotel is expected to add jobs and tax receipts, with Omni projecting about 1,400 permanent jobs and $15.2 million in combined state and local tax revenue annually, figures released when the development agreement was approved. Omni Hotels provided those estimates.
The authority is governed by a 13-member board, with ten gubernatorial appointees and three members chosen by the mayor, giving both state and city officials a direct role in major capital and leasing decisions. Exhibition Hall Authority materials outline that structure and the body's mission to attract conventions that boost the regional economy. For New Orleans, Moody's backing offers another data point local leaders can reference as they look to pair public financing with private investment along the riverfront and in the Warehouse District.
