Fitch Lowers Virginia's Unique Airports Revolving Fund

Vadum, Matthew
May 2003
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p4
Trade Publication
Fitch Ratings Inc. downgraded the 61.9 million dollar in outstanding bonds of the innovative Virginia Resources Authority's (VRA) airports revolving fund to A-plus from AA this week, citing the weak air-travel market and the rating agency's belief that the fund will probably not become more diversified. VRA executive director Darrell V. Hill criticized the rating action in a prepared statement on May 22, 2003. The VRA downgrade came on May 21, 2003, the same day that Fitch Ratings Inc. downgraded to A from A-plus 4.2 billion dollar worth of San Francisco Airports Commission bonds sold for San Francisco International Airport.


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