Hartsfield's $7B Development Plans Rate High With S&P

ATLANTA-With a $6.8 billion commercial development blueprint on the table and on the ground, Hartsfield-Jackson International Airport officials had no problems winning an A+ rating from Standard & Poor’s Rating Services on a new bond issue. The bonds are the $124.4 million airport general revenue refunding series 2003RF-D.

“The rating reflects the airport’s historically strong origination and destination market, dominant market position, very low aviation costs, above-average passenger recovery levels and stable financial position,” according to S&P credit analyst Reid Tomlin.

The $124.4 million bond issue will refund about $121 million of series 1994B bonds and further the airport’s goal of reducing the amount of bonds issued under the closed 1977 senior lien ordinance. After the bonds are sold, the airport will have reduced its 1997 ordinance debt to about $166 million, the S&P report states. Hartsfield has about $1.5 billion of debt under the modernized 2000 ordinance.