June 17, 2009
SANTA ANA, Calif. - John Wayne Airport (JWA) has received strong ratings on its proposed Series 2009 revenue bonds. Standard & Poor's has upgraded JWA's previous rating from an "A+" to an "AA-" with a stable outlook. Moody's Investor Services and Fitch have assigned the bonds an "Aa3" rating with stable outlook and an "AA-" rating with stable outlook respectively.
"These ratings reflect the strength of the Orange County market, the variety of air carriers and services we offer and the conservative fiscal management that the Board of Supervisors expects of us, said Airport Director Alan Murphy. "We are particularly pleased that the rating agencies have viewed our financial and market position so favorably in light of the economic challenges facing the aviation industry."
The Airport plans to issue up to $250 million in revenue bonds to support the Airport Improvement Program. The bonds are scheduled to be issued on June 29 and June 30 in two series' - Series A for governmental purposes and Series B for private activity. The bonds will be limited obligations of the County, for which the General Fund will not be pledged. The debt will be payable by Airport Net Revenues and Passenger Facility Charge revenues.
John Wayne Airport (SNA) is a self-supporting enterprise, owned and operated by the County of Orange, serves nearly nine million passengers annually and is governed by the five-member Orange County Board of Supervisors.
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