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WASHOE CO. (NEV.) AIRPORT $112 MILLION BONDS RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 26 /PRNewswire/ -- The Airport Authority of Washoe County, Reno, Nevada's $71 million Airport Revenue Improvement (Letter of Intent) Bonds, Series 1993A and $41 million Airport Revenue Refunding bonds, Series 1993B are rated 'BBB+' by Fitch. The rating also applies to $35 million outstanding parity bonds, Series 1992A bonds. The credit trend is stable. The bonds are scheduled to be sold through negotiation during the week of March 29 by a syndicate led by PaineWebber Inc.
 The rating is supported by Reno Cannon International Airport's importance as the principal air facility for its medium-sized market and the fact that 80 percent of the passenger traffic through Reno Airport is origination and destination (O&D) traffic. Additional strengths include a diverse group of airlines serving the airport, with which the airport has good business relationships. Likewise, the project has been approved by the Majority-In-Interest. In addition to conventional airport revenue sources, the Reno Airport also has gaming revenues and fuel taxes.
 Counterbalancing these strengths are several risk factors including a local economy that is anchored by tourism, entertainment and gaming and thus sensitive to economic cycles. The current residual cost leases limit upside revenue capture potential by the authority until their expiration in 1996. The growth estimates in the feasibility study appear optimistic in light of the historical trends. Finally, because the airport is a medium sized hub, as classified by the FAA, its enplanement trends are more subject to fluctuation than most large hub airports.
 -0- 3/26/93
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/


CO: Airport Authority of Washoe County ST: Nevada IN: AIR SU: RTG

PS -- NY031 -- 0065 03/26/93 12:42 EST
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Publication:PR Newswire
Date:Mar 26, 1993
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