News & Facts
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News Release
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FOR IMMEDIATE RELEASE
April 10, 2006
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Contact: Jenny Wedge
Pager: (888) 210-6301
Office: (949) 252-5182
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Santa
Ana, Calif. – Reflecting the investment community’s continued respect and confidence in the sound financial management at John Wayne Airport (JWA), Fitch upgraded the Airport’s outstanding revenue bonds from “A+” to “AA- with a stable outlook.” No other comparable domestic airport in the country has been rated higher by Fitch.
In announcing the upgrade, Fitch cited “the strength of John Wayne Airport’s compensatory lease structure and strong budgeting practices.” The announcement continued, “Airport management’s ability to effectively and creatively manage the airport’s capital needs provides existing and future bondholders exceptional security.”
“We are very fortunate to operate in such a strong and diverse local economy,” said Alan L. Murphy, Airport Director. “We are pleased and proud to be recognized for our financial strength and sound management.”
Other factors influencing the rating are the credit strength provided by strong debt service coverage, a high demand for air service and JWA’s “strong operating fundamentals.”
John Wayne Airport is a self supporting enterprise, owned and operated by the County of Orange. The Airport served over 9.6 million passengers in the last calendar year.
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