Moody's Investors Service said it assigned an A3 rating to the St. Louis Airport's revenue refunding bonds Series 2013, and upgraded the rating on $803 million of outstanding airport revenue debt to A3 from Baa1.
The outlook is stable.
The upgrade is based on improved financial metrics through proactive management actions to reinforce the airports credit strength.
These actions include improved debt service coverage through the addition of a debt service stabilization fund and improved cash position through the reclassification of funds in a manner that provides the bondholder additional support.
The upgrade also takes into account the stabilization of enplanement levels following significant declines during and after the recent economic downturn.
The stable outlook includes the expectation that financial metrics, including coverage and liquidity, will be maintained at satisfactory levels over the medium term.
