The New York-based bond-rating agency has removed a CreditWatch with negative implications rating on Miami-Dade County's $299 million aviation revenue bonds, series 2002. At the same time, S&P lowered the bonds' rating to A-minus from A.
The ratings were initially placed on CreditWatch Sept. 20, 2001.
In a prepared statement, S&P credit analyst Joseph Pezzimenti says the agency is worried lower passenger volume over the next eight years could put the city's aviation department in a financial bind on the $2.6 billion in new debt it has taken on to complete a $7.2 billion capital improvements program.
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