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Newsroom
By Aviation News Today
July 16, 2009
Moody's Investors Service has assigned a Aa3 rating to the City of Houston, Texas Airport System senior lien revenue and refunding bonds, Series 2009A. The rating incorporates an economically strong and relatively well-diversified service area that has fared better than other large metro areas during the recession. The airport system also is well poised for recovery with strong historic enplanements that have contracted at levels that are close to average for the industry; a trend of healthy financial and debt management; and a very high level of debt service coverage provided by net revenues of the system. The rating also takes into account the concentration of air carriers in the system with 88 percent of all activity accounted for by two airlines in 2008, Moody's said.
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