Airport's Finances Win A-Plus Rating From S&P

ORLANDO-Noting robust operating and concession sales, Standard & Poor’s Corp. has pinned an A-plus rating on the Greater Orlando Aviation Authority’s $165.33 million in airport revenue bonds, series 2002A and 2002B. The bonds went on sale May 8 to institutional investors and on May 7 to individual investors.

After the sale of the bonds, the airport’s total debt will be $954.7 million. Some of the debt will be used in the airport’s $1.1 billion capital improvement program which includes a new south terminal and a fourth runway.

S&P also removed the airport’s finances from a rating of CreditWatch with negative implications. The New York-based bond-rating agency cited the OIA’s “rebounding passenger levels; the strong growth in passenger levels at the airport prior to Sept. 11, 2001; and the diversity of the authority’s revenues.”