Fitch assigns BBB+ to R.I. Airport Corp. bonds

NEW YORK – Fitch Ratings this month assigned a BBB+ rating to the R.I. Economic Development Corporation’s approximately $32.1 million in R.I. Airport Corporation senior lien general airport revenue refunding bonds, 2013 series B and C.
Fitch also announced it affirmed a BBB+ rating on approximately $231.7 million in outstanding Airport Corporation senior lien general airport revenue bonds.
The rating outlook is stable, the company said.
According to a statement, T.F. Green Airport showed positive enplanement growth in the first three months of fiscal 2014 (which ends June 30). After eight consecutive years of enplanement declines, the airport has seen a 5.6 percent increase in enplanements. This indicates a “stabilizing trend in traffic levels,” Fitch said.
Other factors Fitch highlighted when issuing the rating include:
• Conservation debt structure: All of T.F. Green’s outstanding debt is fixed-rate with a level to declining amortization profile.
• Current leverage and healthy liquidity: The airport corporation currently has about $51 million in available reserves.
• Near-term infrastructure needs: The airport’s $226 million capital-improvement plan is expected to be funded with a combination of grants, new debt and passenger facility charge revenues. •