Moody's Affirms Philadelphia Airport Bonds Nov 05, 2008 10:03 AM
Moody's Investors Service has affirmed the underlying A2 rating to the $178.6 million of remarketed city of Philadelphia's airport revenue refunding bonds Series 2005C. The remarketed variable rate bonds will be supported by a direct pay letter of credit from TD Bank, N.A. The bonds originally had been issued with MBIA insurance and a standby bond purchase agreement from JPMorgan Chase & Co.
The ratings firm also affirming the A2 rating on the city's approximately $1.3 billion in outstanding airport revenue bonds. The outlook is stable. Moody's said the rating and outlook are based on continued, sustainable growth in enplanements since the April 2004 commencement of service by Southwest, as well as the new airline use and lease agreement that provides for greater gate control by the airport and the inclusion of outside terminal area revenues, including parking, hotel and some car rental revenues, in the revenue pledge. The rating also considers the airport's reliance on US Airways, Moody's said.
Moody's Investors Service has affirmed the underlying A2 rating to the $178.6 million of remarketed city of Philadelphia's airport revenue refunding bonds Series 2005C. The remarketed variable rate bonds will be supported by a direct pay letter of credit from TD Bank, N.A. The bonds originally had been issued with MBIA insurance and a standby bond purchase agreement from JPMorgan Chase & Co.
