MOODY'S UPGRADES RATING ON DEBT OF GREATER ORLANDO AVIATION AUTHORITY, FLORIDA TO A1 FROM A
MOODY'S UPGRADES RATING ON DEBT OF
GREATER ORLANDO AVIATION AUTHORITY, FLORIDA TO A1 FROM A
NEW YORK, Feb. 28 /PRNewswire/ -- Effective today Moody's has raised the rating on the second lien bonds of the Orlando Aviation Authority to A1 from A. The rating action was undertaken in connection with the expected sale of $211.6 million parity Airport Revenue Facility Bonds, Series 1992A and 1992B on March 3.
Moody's cited Orlando's stable, steadily growing service-based economy as a key factor in providing a strong O&D market for this regionally important airport. Moody's also noted the well-structured airport residual agreements with relatively strong airlines, satisfactory legal provisions, and a well-managed, growth-driven capital improvement program as positive factors influencing the rating revision.
Additionally, concerns regarding the importance of tourism in the service area economy were considered to be offset by the unique nature and wide domestic and international appeal, and demonstrated popularity of the Disney enterprises. The authority expects to issue $96,265,000 Series 1992C parity refunding bonds in 31 days, and its capital program includes a potential $359 million in new money borrowing through 1997.
Amount of parity debt outstanding (including current issue and excluding refunded bonds): $826,980,000.
/CONTACT: John Incorvaia, 212-553-0501, or Maria Matesanz, 212-553-7241, both of Moody's/ CO: Orlando Aviation Authority ST: Florida IN: AIR SU: RTG PS -- NY073 -- 3926 02/28/92 17:44 EST