TITLE

Fitch Lowers Virginia's Unique Airports Revolving Fund

AUTHOR(S)
Vadum, Matthew
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
9944915

 

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