Fitch Ratings assigns 'A+' rating to USD607m City and County of Denver airport system revenue bonds for the Denver International Airport

AIRLINE INDUSTRY INFORMATION-©1997-2007 M2 COMMUNICATIONS LTD

Fitch Ratings has assigned an 'A+' rating to USD607m City and County of Denver, Colorado, series 2007, airport system revenue bonds for the Denver International Airport.

The series 2007 bonds consist of the following: USD195m airport system revenue bonds series 2007A (AMT); USD25m airport system revenue bonds series 2007B (Non-AMT); USD150m airport system revenue bonds series 2007C (Non-AMT) (Market dependent revenue bonds); USD188m airport system revenue bonds series 2007D (AMT); USD49m airport system revenue bonds series 2007E (Non-AMT).

The city reportedly plans to sell series 2007A and series 2007B bonds with Goldman, Sachs & Co serving as the lead underwriter, and series 2007C bonds with Citigroup Global Markets Inc serving as the lead underwriter, on or about 1 August 2007.

In addition the city intends to sell series 2007D and series 2007E bonds, with Lehman Brothers Inc serving as the lead underwriter, on or about 16 August 2007.

Fitch also affirms the 'A+' rating on the city's approximately USD3.5bn in outstanding airport system revenue bonds. All airport system revenue bonds are payable from the net revenues of the airport system. The Rating Outlook on all bonds is Stable.

(Comments on this story may be sent to aii.feedback@m2.com)