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DENVER $315 MILLION AIRPORT REVENUE BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 DENVER $315 MILLION AIRPORT REVENUE BONDS RATED 'BBB' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 28 /PRNewswire/ -- The city and county of Denver's $315 million airport system revenue bonds, Series 1992B, are rated "BBB" by Fitch. This rating is affirmed on $2.4 billion outstanding parity bonds. The credit trend is stable. This issue is expected to be sold through negotiation during the week of May 4 by a syndicate led by Goldman, Sachs & Co., Dain Bosworth Inc., and Pryor, McClendon, Counts & Co., Inc.
 Construction of the new Denver International Airport (DIA) is currently a slight 0.4 percent over budget, which has necessitated committing 17 percent of the $58 million management reserve. Likewise, certain elements of the project continue to be slightly behind schedule. Continental Airlines missed its agreed upon April 1 deadline to notify, and in so doing, obligate the city to build up to 30 gates on Concourse A for Continental's use. It is currently expected that Continental will commit to leasing 18 to 20 gates at DIA. However, if Continental does not notify the city of such intentions by May 15, the city is not obligated to build any number of gates for Continental that will be ready by Jan. 1, 1994, DIA's Date of Beneficial Occupancy (DBO). Nevertheless, Continental's ongoing economic viability remains a key question. About $103 million in projects cost can be eliminated by the city if it does not build any gates for Continental.
 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 support for the DIA project underscores this role. United's legal commitment to operate at DIA anchors the project.
 -0- 4/28/92
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/ CO: ST: Colorado IN: TRN SU: RTG


GK -- NY113 -- 3916 04/28/92 14:47 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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