Airport Authority bonds garner high ratings from major credit agencies
by Staff and contribution
Jan 16, 2013 | 2228 views | 0 0 comments | 4 4 recommendations | email to a friend | print
Three major credit rating agencies have given high marks to bonds to be issued by the San Diego County Regional Airport Authority for continued funding of The Green Build Terminal 2 expansion program and a variety of programs in the capital improvement program for San Diego International Airport.

The ratings came from Fitch Ratings, Moody’s Investor Services and Standard & Poor’s.

On Jan. 8, Standard & Poor’s Ratings Services assigned its A+ long-term rating to the Airport Authority’s anticipated series 2013 senior airport revenue bonds of about $411 million. In addition, the agency affirmed its A rating on the Airport Authority’s subordinate airport revenue bonds and assigned a stable rating outlook on all bonds.

According to a news release from Standard & Poor’s, the affirmation and outlook were based on “dominant market position within the air service area,” “continued very strong financial performance into fiscal 2012” and a “management team that we view as stable and experienced, implementing prudent board policies and guidelines related to financial metrics, debt management, and investments.”

On Jan. 7, Fitch Ratings assigned an A+ rating to San Diego County Regional Airport Authority’s $411 million series 2013 senior airport revenue bonds. Fitch also affirmed its A rating on outstanding subordinate revenue bonds. The rating outlook on all bonds is stable.

Also on Jan. 7, Moody’s Investors Services assigned an A1 rating to the airport’s anticipated series 2013 senior airport revenue bonds, affirmed its A2 rating on the Airport Authority’s subordinate airport revenue bonds and assigned a rating outlook of stable. In a news release on the rating, Moody’s stated that the affirmation and outlook reflected “resumed enplanement growth and the expectation of The Green Build in 2013 under budget and capital improvement projects (CIP) on budget and schedule.”

These ratings are above the median for U.S. airports.

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