LOS ANGELES— Fitch ratings affirmed LA/Ontario International Airport, Calif.'s A-minus rating, but also maintained a negative outlook on the airport's $59.6 million in outstanding revenue bonds.
The airport is operated by Los Angeles World Airports, which also manages Van Nuys Airport and Los Angeles International Airport.
Los Angeles and Ontario officials struck an agreement on Aug. 5 for the airport to return to local control.
The ratings agency said the negative outlook reflects years of passenger volume declines as annual enplanements dropped to 2 million. Passenger traffic at the airport has started to stabilize; enplanements in fiscal year 2015 increased 3.9% over the previous year, Fitch said.
Officials from Ontario and other nearby Inland Empire cities spent seven years trying to convince Los Angeles World Airport officials to cede control of the Ontario airport. The airport is in San Bernardino County about 40 miles east of Los Angeles.
LAWA has managed the Inland Empire airport since the 1960s.
Under the tentative agreement, which ends litigation between the cities, Ontario would pay Los Angeles $180 million over 10 years.
