Standard & Poor's has assigned an A-minus rating to Connecticut's general airport revenue refunding bonds, Series 2011A and 2011B, issued for Bradley International Airport, while affirming the same rating on the state's outstanding GARBs issued for the airport. The outlook is stable.
"In part, the rating reflects our view of [Bradley's] status as primarily an origin-and-destination airport, with 97% of enplanements from these passengers, providing it with a good base of air travel demand," said S&P credit analyst Geoffrey Buswick.
Standard & Poor's said the ratings also reflect enplanements, which increased 8.9% in fiscal to 2.8 million but slipped 2.3% in an unaudited fiscal 2012, and lower but stable financial margins.
Fitch Ratings assigned an A rating to the same bonds. It described Bradley as a medium-sized origin-and-destination hub with high competition but a diversified carrier base.
Oversight of Bradley and five other general aviation airports was transferred to the nascent Connecticut Airport Authority from the state's Department of Transportation on July 1, 2011.