Moody's Upgrades Connecticut Airport

O'Brien, Elizabeth
February 2005
Bond Buyer;2/22/2005, Vol. 351 Issue 32075, p6
Trade Publication
The article reports that Moody's Investors Service Inc. on Friday upgraded its rating to A2 from A3 on about $240 million of Bradley International Airport revenue bonds issued by Connecticut, citing steady progress in financial and operating performance. One positive rating factor was the near completion of a $198 million terminal expansion project financed by a combination of bonds, cash, and passenger facility charges. Strong management contributed to the airport's improved financial picture, Moody's added. Net revenue available for debt service equaled $18.5 million, providing for 1.74 times debt coverage in fiscal year 2004, exceeding the 1.2 times rate specified under the covenant requirement.


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