Fitch Ratings Issues Affirms Colorado Springs Airport's BBB+...
Thursday, June 27, 2013
Rating with Stable Outlook
Colorado Springs, Colo.
Fitch Ratings issued its annual credit update for the Colorado Springs Airport’s (COS) outstanding bonds on June 27, 2013. The Airport’s 2012 rating of BBB+ with a stable outlook was affirmed. Fitch Ratings notes that, despite a projected decrease of passenger traffic in 2013 after Frontier Airlines’ departure, Airport management’s efforts to lower operating costs and debt service payments have warranted an affirmation of the BBB+ rating.
Specific examples highlighted by Fitch include plans to pay down and restructure the Airport’s series 2002A bonds, which will decrease annual debt service payments by 25.0%, and adjustments related to staffing, parking management and overall expenses that will lower operating expenses by at least 8.0% in 2013.
Credit updates issued by Fitch Ratings and other ratings agencies are utilized by investors to assess financial risk associated with bond issues and other forms of debt.
More information can be found at http://online.wsj.com/article/PR-CO-20130627-911017.html?mod=googlenews_wsj.