Fitch Rates Denver International Airport, Colorado's $105MM Bank Bonds 'A+'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a bank bond rating of 'A+' to approximately $105 million City and County of Denver, Colorado (the city), series 2009C airport system revenue bonds for the 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, or the airport). The series 2009C bonds are expected to be issued later this week as variable-rate demand obligations with a direct-pay letter of credit (LOC LOC - lines of code ) provided by JP Morgan Chase Bank, National Association (currently rated 'AA-/F1+' by Fitch) supporting the bonds. Fitch also affirms the 'A+' rating on the city's approximately $4.1 billion in outstanding airport system revenue bonds. All airport system revenue bonds are payable from the net revenues of the airport system. The Rating Outlook on all bonds is Stable. The 'A+' rating reflects the large and diverse economy of the Denver Metropolitan Area, the favorable balance and resiliency of DIA's origination and destination (O&D) and connecting passenger traffic, along with the airport's favorable geographic location which positions Denver favorably for ongoing domestic hubbing activity. It also reflects the growing presence of low-cost carriers that continues to moderate United Airline's large market share, and favorable rate-setting provisions under use and lease agreements that consistently produce sound financial results. Credit concerns include the already high and still increasing debt levels coupled with the potential upward trend in airline costs associated with the implementation of the current multi-year capital program. Fitch also notes that the weakening credit quality of Denver's anchor carrier, United Airlines (UAL UAL United Airlines (ICAO code) UAL Unified Accelerator Library (Brookhaven National Laboratory) UAL User Account Lockdown UAL User Access Layer UAL Universal Auxiliary Language UAL User Agent Layer ; Issuer Default Rating 'CCC'), and the recent bankruptcy developments of Frontier do introduce some near-term risks to the ability maintain its overall positive air service trends. In addition, despite successful restructurings of certain variable-rate debt and interest rate swaps throughout 2008, DIA still retains nearly $1.3 billion of variable-rate obligations, which exposes the airport to volatility amongst the swap counterparties and liquidity providers as well as stabilization of debt interest costs. Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. |
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