TITLE

Moody's Upgrades Connecticut Airport

AUTHOR(S)
O'Brien, Elizabeth
PUB. DATE
February 2005
SOURCE
Bond Buyer;2/22/2005, Vol. 351 Issue 32075, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
16215696

 

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