Agency Downgrades Outlook for Springs Airport Bonds

Summary

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A major bond rating agency has warned it may cut the rating on $46.5 million in bonds issued by the Colorado Springs Airport if passenger traffic continues to decline.

Fitch Ratings revised its outlook for the bonds this week to negative, although it kept the bonds' rating at A-. The New York- based company said it "will monitor whether traffic trends demonstrate stabilization, which is increasingly becoming a credit concern as airport revenues and costs are affected by passenger performance." Fitch cited the airport's low debt and $29 million in reserves, enough to fund operations for nearly two years and nearly two-thirds of the remaining bonds outstanding, as strengths.

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Extract

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Agency Downgrades Outlook for Springs Airport Bonds

Standard & Poor's last month retained its A- rating and stable outl...

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