FOR IMMEDIATE RELEASE
March 19, 2001
Contact:
Ann McCarley
949.252.5176
after hours: 800.642.5562
Alan L. Murphy
Airport Director
3160 Airway Avenue,
Costa Mesa
CA, 92626-4608
Tel: 949.252.5171
Fax: 949.252.5178
John Wayne Airport
Bond Ratings
(Santa Ana, CA) –
Moody’s Investors Service has upgraded the underlying
rating for the Airport Revenue Bonds of Orange County’s
John Wayne Airport (JWA) to Aa3 from A1. This upgrade
applies to approximately $186 million outstanding Airport
bonds.
The Aa3 rating for JWA is the first that Moody’s
has given an airport that does not have international
flights. According to Moody’s, the rating is based
on several factors: the strength of the airport’s
steadily growing service area economy; the solid origination
and destination passenger base within the Los Angeles
metro area; the increasingly diverse carrier mix, and
an established trend of sound financial operations.
Another factor influencing Moody’s bond rating upgrade
is that JWA has maintained sound financial operations
and generated sufficient operating surplus to finance
sizable capital projects with JWA reserves and internally
generated funds. With no needs or plans for further borrowing,
airport debt levels are expected to remain moderate given
that capital needs are limited by external capacity and
operational constraints.
"As a public airport, our responsibility is to provide
the highest quality aviation facilities and services for
Orange County," said Alan Murphy, Airport Director.
"JWA has maintained sound financial operations and
placed a high priority on repaying our debt. This upgraded
rating reflects that."
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