Standard & Poor’s raised its rating on the Philadelphia Parking Authority’s airport parking revenue bonds to A from A-minus. The outlook is stable.
“The upgrade reflects what we consider to be solid debt service coverage for facilities at a large-hub airport with recovering enplanement trends,” Standard & Poor’s analysts said in their rating report.
The authority has around $162.8 million in airport parking bonds outstanding.
Credit strengths include very good financial performance, strong business at Philadelphia International Airport, which is rated A-plus and stable, and an agreement where the authority is the airport’s exclusive public parking operator.
According to the Standard & Poor’s report, traffic at the airport has fluctuated in recent years due to the recession, although it rebounded somewhat in fiscal 2011.