RDU Airport, NC – Fitch Ratings has announced it has affirmed Raleigh-Durham Airport Authority’s AA- rating on $700.4 million airport revenue bonds, while also revising the airport’s Rating Outlook upward from negative to stable.
“RDU is pleased that Fitch has taken note of the Airport Authority’s overall financial and operating strengths as demonstrated by our fiscal 2011 and first quarter 2012 results,” said Joe Styres, the Airport Authority’s deputy director of finance, business and administration. “The Airport Authority’s employees know how to run a highly efficient operation. This is reflected in our financial performance. With the completion of Terminal 2 on budget and ahead of schedule, we can now focus on the renovation of Terminal 1, while running the business with the same conservative fiscal philosophy and attention to detail we always have.”
In its announcement last week, Fitch cited the following for the revision of the ratings outlook from negative to stable:
Better than expected revenue and coverage performance
Increased financial flexibility due in large part to lower annual debt service payments
Improved cash flow and reserves
Key rating drivers included the economic strength of the Research Triangle Region, the airport’s diversity of air carriers and competitive cost per enplanement.