Moody's Investors Service said it has upgraded to Baa3 from Ba1 the rating on the city of Burlington, Vt.'s $43 million airport revenue bonds.
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Moody's has also assigned a Baa3 to the Series 2014A bonds. The rating outlook is stable.
The upgrade to Baa3 from Ba1 reflects an improvement of financial metrics including debt service coverage and liquidity after a period of volatility in recent years. The rating also reflects the recent trend of enplanements, which turned positive in 2014 after several years of declines. The rating also recognizes the fundamental strength of the city of Burlington economy and the low cost per enplanement that are expected to keep air travel demand at or above current levels.
