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DENVER, COLO. $390 MILLION AIRPORT REVENUE BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

DENVER, COLO. $390 MILLION AIRPORT REVENUE BONDS RATED 'BBB' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 1 /PRNewswire/ -- The city and county of Denver, Colo.'s $390 million Airport System Revenue Bonds, Series 1992C are rated 'BBB' by Fitch. This rating is affirmed on $2.6 billion outstanding parity bonds. The credit trend is stable. This issue is expected to be sold through negotiation during the week of Sept. 7 by a syndicate lead by Pryor, McClendon, Counts & Co., Inc. and Lehman Brothers.
 All "critical path" elements of the construction of the Denver International Airport (DIA) are currently on schedule. Likewise, the project is within budget. Continental Airlines Inc. signed a formal use and lease agreement on Aug. 18 legally obligating it to use 20 gates on Concourse A. However, the ongoing economic viability of Continental remains a major concern to the DIA project. The approved passenger facility charge (PFC) began to be collected at Stapleton on July 1. Stapleton's audited financial results for fiscal 1991 were solid with $26 million surplus monies transferred to the Capital Fund. In addition, enplanements at Stapleton increased 6 percent during the first six months of 1992 above the same period of 1991, expanding upon the 2.8 percent growth in 1991 and the 0.5 percent growth in 1990.
 The foundation for the rating is the strong demand for origination and destination (O&D) air service provided by the Denver area's large population base and improving regional economy. Denver's location also makes it a natural east-west hubbing juncture and thus an important component of the national air transportation system. The high level of Federal Aviation Administration (FAA) support for the DIA project underscores this role. United's legal commitment to operate at DIA anchors the project.
 -0- 9/1/92
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/ CO: Denver Airport System ST: Colorado IN: AIR SU: RTG


SH -- NY033 -- 5352 09/01/92 10:44 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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