Area brokers tell GlobeSt.com the airport continues to attract numerous small-sized to mid-sized industrial buildings and warehouses on or near its property.
The New York-based bond-rating agency gives the airport's $395 million limited-obligation bond anticipations notes series 2003 an SP-1+ rating. S&P also affirmed Hartsfield's long-term A+ rating on its general financial health.
The new bond issues, called BANs, will redeem the airport's 2002 bonds which funded various airfield development projects, including the land acquisition, engineering and design costs of the fifth runway project. The balance of the 2003 BAN proceeds of about $85 million will provide interim financing for the airport's $250 million in-line, baggage-screening project.
The strong rating on Hartsfield's newest bond issue "reflects the airport's strong capacity to pay principal and interest on the notes and demonstrated ability to consistently access the debt markets," according to a report prepared by S&P analysts Reid Tomlin and Laura A. Macdonald.
The airport's general A+ rating is based on "above-average passenger recovery levels, a historically strong origination and destination market, very low aviation costs and a stable financial position," the analysts report. "The stable outlook on the affirmed bond rating reflects the expectation that management will prudently manage the airport's large capital improvement plan, and that the current trend of traffic recovery will improve in the near to medium term.
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