Agency Flexes LAX's Credit Strength With $110M Refunding

Finestone, Deborah
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p37
Trade Publication
The Los Angeles Department of Airports plans to refund about 110 million dollars of bonds supported by revenues from one of the strongest airport credits in the country. Still, passenger traffic at the airport decreased 8 percent in 2002, worse than the national average, according to the preliminary official statement. The stresses include the Sept. 11, 2001, terrorist attacks and continued security worries, economic recession, airline bankruptcies and financial troubles, military action in Iraq, and world health emergencies. All of the bankruptcies certainly impact the airport, but it still serves a very large market and the city is a major destination point, said John Hallacy, managing director of municipal bond research at Merrill Lynch & Co.


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