Moody's Investors Service revised its outlook to stable from negative on the A1-rated Indianapolis Airport Authority.

The revision reflects the airport's stable operating performance, analysts said. But the A1 rating "remains highly sensitive to changes in enplanement levels, financial performance and financial liquidity, given the high leverage."

Indianapolis International Airport enjoys a strong market position, strong agreement with airlines through 2015 and a diverse air carrier set, Moody's said. Challenges include a heavy debt load, declining enplanements and a moderately weak regional economy.

The airport has $1.15 billion of outstanding debt, nearly all of which was issued for a new terminal that opened in 2008.

"Moody's view that national and local economic conditions will continue to weigh on enplanement growth as the authority faces high fixed costs from its large debt load remains a challenge that the airport has managed well to date," analysts wrote.

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