JOHN WAYNE AIRPORT BONDS ASSIGNED "A+" RATING BY FITCH, INC., MOODY’S "A1" RATING UNDER REVIEW FOR POSSIBLE UPGRADE
 

Santa Ana, CA – Impressed with the economic strength of Orange County, Fitch, Inc. has issued a rating of "A+" for the Airport Revenue Bonds of Orange County’s John Wayne Airport. This applies to approximately $180 million outstanding Airport revenue refunding bonds. Additionally, Moody’s Investors Service has placed the "A1" underlying revenue bond rating under review for possible upgrade.

According to Fitch, the "A+" rating reflects the strong financial margins and important economic asset John Wayne Airport is to Southern California and the state. Another factor influencing the rating is the credit strength provided by the Airport’s experienced management team.

The rating is based on several factors: John Wayne Airport has benefited from strong operations over the past five years, with healthy financial margins, successful cost containment and strong non-airline revenue, making the Airport very economically competitive. John Wayne Airport is able to support its diversified service area, lending stability to the credit.

"The "A+" rating by Fitch shows their confidence in our demonstrated ability to maintain strong financial operations and repay our bonded debt," said Alan Murphy, Airport Director. "Our ratings are among the highest of any medium sized airport in the nation."

Additionally, Moody’s Investors Service has placed the Airport’s current "A1" bond rating under review for possible upgrade. The Airport’s consistently strong operating and financial results through fiscal year 2000, as well as the affluent service area market niche served prompted this action. Moody’s will review John Wayne Airport’s financing plans for future capital needs and revenue growth given the external restrictions under which the Airport operates. The review is expected to be completed within the coming month.

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