The Jacksonville AviationAuthority has received an ‘A’ rating from Fitch Ratings for its $157 million ofseries 2003 and its series 2006 airport revenue bonds for the JacksonvilleInternational Airport.
According to Fitch’s report,the Authority received this rating due to its flat-to-decreasing debt serviceprofile, moderate cost recovery framework, midsized origination/destinationenplanement base, modest capital program, and manageable leverage and adequateliquidity.
Though enplanements are downthis fiscal year, Fitch Ratings said the airport’s importance in the First Coastarea along with the region’s growth prospects make for a high travel demand inthe future.
“We’re very pleased thatFitch has affirmed our ‘A’ rating,” said Richard Rossi, JAA’s Chief FinancialOfficer. “The affirmation of our credit rating is a reflection of JAA’soperations and our emphasis on controlling costs in the current economicenvironment.”
Less than half of theairport’s cash flow comes from the airlines. Parking and concession make up therest of the operating revenue.
The moderately sized capitalprogram totals $144.3 million through 2016 which will be mostly funded byairport revenue and grants.