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ORLANDO (FLA.) $97 MILLION AIRPORT REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 ORLANDO (FLA.) $97 MILLION AIRPORT REVENUE BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 3 /PRNewswire/ -- The Greater Orlando Aviation Authority, Florida's (GOAA) $97 million Airport Facilities Taxable Refunding Revenue Bonds, Series 1992C are rated "A+" by Fitch, it was announced today. The credit trend is stable. This rating also applies to $948 million outstanding parity bonds. This issue is expected to be sold through negotiation during the week of April 6 by a syndicate led by PaineWebber Inc.
 The GOAA has met extraordinarily strong enplanement growth at Orlando International Airport (OIA) over the past twenty years with successful capital expansion through a continually revised, demand- driven capital improvement plan (CIP). GOAA has also developed solid working relationships with the airlines it serves, as evidenced by their continual Majority-In-Interest approval of these major expansion projects. OIA's service area provides a large, growing population base and an expanding economy for origination and destination (O&D) service; OIA is currently the 11th largest O&D airport in the U.S. While the Orlando region's economy continues to diversify, much of this is a result of the "spin-off" from the primary tourist and entertainment industries which are sensitive to economic cycles.
 The foundation of the rating is the growing importance of OIA to the central Florida region, a burgeoning and solid service area, and its recent development as an international destination. Traffic at the airport consistently grew at a faster rate than both the state and the nation over the past two decades and international traffic has grown as a percentage of total airport traffic from 3.3 percent in 1986 to 10 percent in 1991.
 The airport has historically exhibited strong financial operations, with debt service coverage ranging from 1.58 times (x) to 2.16x over the past four fiscal years. New non-airline sources of revenue are being actively pursued by GOAA management. Furthermore, management has demonstrated strong capital planning capabilities in addition to such operational abilities.
 However, the residual nature of the use and lease agreements between GOAA and the airlines inherently limits GOAA's upside revenue potential from airport operations as well as requiring Majority-In-Interest approval from the signatory airlines for major projects. Also, the cyclicality of tourism and the entertainment business in the service area economy lends some vulnerability to airport operations.
 -0- 4/3/92
 /CONTACT: Andrea R. Bozzo, 212-908-0515 or Susan M. Courtney, 212-908-0503, both of Fitch/ CO: Greater Orlando Aviation Authority ST: Florida IN: AIR SU: RTG


TS -- NY032 -- 4821 04/03/92 12:23 EST
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Publication:PR Newswire
Date:Apr 3, 1992
Words:423
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