Fitch Lowers DIA Ahead of $283M Sale

Albanese, Elizabeth
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p1
Trade Publication
Fitch Ratings Inc. on April 17, 2003 downgraded the credit ratings for Denver International Airport (DIA), less than a week before a planned issuance of 283 million dollars of airport revenue bonds by the city and county of Denver. Lehman Brothers is the lead manager for the deal, which includes a Series 2003A tranche of alternative minimum tax (AMT) revenue bonds worth 162.5 million dollars and a Series B of non-AMT revenue bonds worth 87.5 million dollars. The airline currently handles 63 percent of traffic at DIA, the nation's fifth busiest airport. Moody's Investors Service assigned an underlying rating of A2 with a negative outlook to the deal. Standard & Poor's has yet to release ratings for the DIA sale.


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