Pennsylvania Airport Authority Readies First-Ever Transactions

D'Ambrosio, Gillian
April 2003
Bond Buyer;4/29/2003, Vol. 344 Issue 31624, p1
Trade Publication
In its market debut, the Susquehanna Area Regional Airport Authority of Pennsylvania has planned to set the price for 178 million dollar of senior and subordinate airport system revenue bonds which will be sold this week. The subordinate bonds, which will be backed by a pledge of net revenues from the airport system after payment of the senior bonds, is divided into variable-rate Series 2003C-1 and Series 2003C-2, Series 2003D and Series 2003E, which is taxable. Fitch Ratings Inc. has assigned the senior bonds a BBB-plus rating, and gave a BBB rating to the subordinate bonds. Moody's Investors Service gave the senior bonds Baa1 and the subordinate bonds a Baa2. Capital improvements may also help attract travelers to the central Pennsylvania airport. The project, also financed through a number of FAA grants and the authority's own cash, is expected to be complete by the late summer of 2004.


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