RDU Receives Excellent Credit Ratings as it Prepares to Fund More Parking Expansion
RDU Airport, NC – Plans for Raleigh-Durham International Airport's second new parking deck took another major step forward when the Airport Authority received the highest credit rating of any airport in North Carolina by two of the nation's major ratings agencies.
Following review by both Fitch and Moody's, the ratings agencies assigned an A+ with a positive outlook and an A1 credit rating respectively.
These ratings will allow the Airport Authority to sell up to $170 million in general airport revenue bonds at competitive interest rates to fund a 6,150-space, seven-story parking deck between Terminals A and C. In addition to construction of the parking deck, the project includes major roadway realignments, demolition and construction of cargo facilities and development of a new 18-booth exit toll plaza.
"These ratings reflect our overall financial strength and should certainly appeal to a diverse audience of investors as we move forward with development plans to meet present and projected consumer demand," said Airport Director John Brantley.
Fitch cited RDU's strong financial performance during the last five years, the airport's success in holding down costs and its solid liquidity as major factors in issuing their A+ rating. In addition, RDU's strong non-airline revenue generating position through parking and rental car earnings, adds significantly to the Authority's financial position, according to Fitch. The airport's highly experienced management and state oversight through the North Carolina Local Government Commission, a division of the State Treasurer's office, were also mentioned as substantial factors in their rating decision.
Raleigh-Durham International Airport is currently served by 14 major airlines and 11 regional carriers offering more than 300 departures daily. Nearly 10.5 million passengers flew through RDU last year, an increase of 17 percent over 1999's record 24 percent increase in passenger traffic. For more information, visit RDU's website at www.rdu.com.
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