Standard & Poor's Ratings Services has assigned its A minus rating on the state of Connecticut's general airport revenue refunding bonds, series 2011A and 2011B, issued for Bradley International Airport (BDL). S&P also affirmed its A minus rating on Connecticut's general airport revenue bonds outstanding issued for the airport. The outlook is stable.
"In part, the rating reflects our view of BDL's status as primarily an origin-and-destination airport, with 97 percent of enplanements from these passengers, providing it with a good base of air travel demand," said Standard & Poor's credit analyst Geoffrey Buswick.
The ratings also reflect, among other things, the firm's view of enplanements, which increased 8.9 percent in fiscal 2011 to 2.8 million, but have slipped 2.3 percent in unaudited fiscal 2012; and lower, although stable, financial margins, with debt service coverage.
The stable outlook reflects the firm's expectation that Bradley's enplanement levels, liquidity, and financial performance will be generally stable. A return to declining enplanements or a significant deterioration in financial metrics could lead to a downgrade, S&P said.