Moody's Investors Service has affirmed the Baa1 underlying rating assigned to $221 million bonds outstanding Series 2006A and 2006B issued by the city of College Park on behalf of Hartsfield-Jackson International (Senior lien bonds rated A1). The bonds provided financing for the construction cost of a consolidated car rental facility (CONRAC) and a related maintenance facility for the automated people mover (APM) which connects the CONRAC to the main Central Passenger Terminal Complex at the airport. The rating carries a stable outlook.
The Baa1 rating for the CONRAC bonds reflects the adequate historical and projected debt service coverage by revenues based on the current $5 per day customer facility charge (CFC), as well as the expected stabilization of growth in car rental transactions, Moody's said. Other rating considerations include the availability of a cash funded debt service reserve fund and other operating reserves, including $22 million in the CFC Surplus Fund at the end of FY 2009.