1 Moody's Public Finance Department Rating News MOODY'S REVISES DENVER INTERNATIONAL AIRPORT BOND RATING TO Baa FROM Conditional (Baa).NEW YORK--(BUSINESS WIRE)--March 2, 1995--With the opening of Denver International Airport This article is about Denver International Airport. For other uses, see KDEN (disambiguation). Denver International Airport (IATA: DEN, ICAO: KDEN, FAA LID: DEN), often called DIA (DIA), the rating on the airport's revenue bonds has been revised to Baa from Conditional (Baa). The conditional aspect of the rating pertained to the need for project completion before revenues could be legally available to cover project debt service. The opening of the airport is a positive credit event. Airport management now needs to focus its attention on facility operations and space allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as issues. City officials report that discussions with signatory sig·na·to·ry adj. Bound by signed agreement: the signatory parties to a contract. n. pl. sig·na·to·ries One that has signed a treaty or other document. airlines regarding the Concourse A and C space and cost allocations continue. All parties have been billed for space used per existing agreements. On Tuesday, February 21, the city filed suit in Federal Court against Continental Airlines. The suit covered three points: (a) Recovery of Continental's $1.37 million share of net delay costs per the March 1994 agreement. (a) Request for declaratory relief declaratory relief n. a judge's determination (called a "declaratory judgment") of the parties' rights under a contract or a statute often requested (prayed) for information in a lawsuit over a contract. that the city's agreement with Continental is legal and binding. (a) Recovery of $15 million performance bond that Continental is required to pay prior to opening. Performance bonds were requested and have been paid by all the other signatory airlines. City officials report that based in a worst-case scenario worst-case scenario n → Schlimmstfallszenario nt of only three gates being used by Continental on Concourse A, and none by America West and Frontier, the city would have to invoke To activate a program, routine, function or process. the rate maintenance clause and raise rates and charges, though this amount would not surpass the $20 cap in 1990 dollars. Given that America West and Frontier are currently using five gates on Concourse A, in addition to Continental's three gates, this scenario does not appear to be realistic. Moody's will continue to monitor the progress of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the negotiations with signatory airlines, and comment as warranted. CONTACT: Adam J. Whiteman, Vice President - Manager 212/553-7809 or Maria Matesanz, Vice President 212/553-7241 or Dov A. Iskowitz, Assistant Vice President 212/553-7936 or Robert J. Miller, Assistant Vice President 212/553-4947 |
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