Standard & Poor's Ratings Services said it raised its long-term rating to A-plus from A on Maryland Transportation Authority's outstanding passenger facility charge revenue bonds issued on behalf of Baltimore Washington International Thurgood Marshall Airport.
In addition, Standard & Poor's assigned its A-plus long-term rating to MDTA's approximately $90.9 million series 2012B passenger facility charge revenue bonds issued on behalf of BWI. The outlook on all ratings is stable.
"The raised rating reflects our view of the strong demand characteristics at the airport supporting PFC revenues as well as lower leveraging of the PFC revenues than initially planned resulting in higher projected coverage levels," said Standard & Poor's credit analyst Todd Spence. "Management indicates that it does not anticipate additional borrowings beyond the 2012B&C bonds," Spence added.
BWI Marshall Airport is one of the three major airports serving the Washington-Baltimore metropolitan area located 10 miles south of Baltimore and 25 miles north of Washington, D.C.