2012-11-30 — /travelprnews.com/ — Los Angeles World Airports (LAWA) announced that Fitch Ratings recently assigned an “AA” rating for LAWA’s upcoming issuance of $237 million senior revenue bonds 2012 series ABC on behalf of Los Angeles International Airport (LAX). Fitch re-affirmed the airport’s existing $2.66 billion parity senior revenue bonds at “AA” and $782.5 million subordinate revenue bonds at “AA-.” Fitch also revised its rating outlook for all bonds to “stable” from “negative.”
According to Fitch Ratings, a global agency that provides independent analysis and credit ratings of financial securities , the upgraded outlook to “stable” is due to LAWA’s implementation of a new rate agreement with airlines at LAX that will provide strengthened cost-recovery terms as LAX moves forward on a $6.9-billion capital spending plan with additional leverage over the next five years. Fitch also attributed the “stable” rating outlook to LAWA “management demonstrating successful execution of its capital program as noted by the progress of the Bradley International Terminal Project.” The “stable” rating also “…reflects a continuation of favorable trends in operating and financial performance evidenced by both solid traffic growth (up over four percent in both fiscal years 2011 and 2012 (years ending June 30, 2011, and 2012), resulting in high overall debt-service coverage levels of 2.5 times.”
“It was our goal to have the negative outlook removed,” said LAWA Executive Director Gina Marie Lindsey. “We’re happy that Fitch has recognized our significant efforts in managing LAX’s finances and capital improvement program.”
According to Fitch, some of the key drivers resulting in the improved “stable” ratings outlook are:
The Fitch Ratings report can be viewed at: http://www.businesswire.com/news/home/
20121115006045/en/Fitch-Rates-LAX-Airports-CA-Sr-Revs
About Los Angeles International Airport (LAX)
LAX is the sixth busiest airport in the world and third in the United States, offering more than 600 daily flights to 91 domestic cities and more than 1,000 weekly nonstop flights to 56 cities in 32 countries on nearly 75 air carriers. It ranks 14th in the world and fifth in the U.S. in air cargo tonnage processed. In 2011, LAX served more than 61.8 million passengers, processed over 1.8 million tons of air cargo valued at nearly $80 billion, and handled 603,912 aircraft operations (landings and takeoffs). LAX is part of a system of three Southern California airports – along with LA/Ontario International and Van Nuys general aviation – that are owned and operated by Los Angeles World Airports, a proprietary department of the City of Los Angeles that receives no funding from the City’s general fund. For more information about LAX, please visit www.lawa.aero/lax or register on- line at Twitter @LAX_Official, at www.facebook.com/LAInternationalAirport and at www.YouTube.com/laxairport1.
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Contact: Albert Rodriguez
(424) 646-5260
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