IE Business Daily Business news for the Inland Empire.
Ontario International Airport has received an “A-” rating for its fixed rate municipal bonds, which total approximately $52.2 million.
The airport, which is scheduled to transfer ownership from Los Angeles World Airports to the Ontario International Airport Authority next month, was also given a “stable” outlook by Fitch Ratings Inc. in New York, according to a statement released Thursday.
Neither of those ratings are the highest possible: bonds can be given a “AAA” rating, and the outlook can be positive if analysts believe it’s likely that the bond rating will be raised soon.
However, the airport is viewed in a more positive light than it was several months ago, said Seth Lehman, senior director at Fitch Ratings.
“Their flights and passenger counts are up and they’re handling more cargo, which is important,” Lehman said. “The stable outlook isn’t as good as positive would be, but it’s a move in the right direction. A few months ago we had them at negative.”
Municipal airports routinely issue bonds to raise money for capital improvement projects and other major undertakings. Ontario International’s bonds will be secured by a senior lie on airport net revenues, according to the statement.
