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Media Contact:

Shane Carter

Bill and Hillary Clinton National Airport

Little Rock Municipal Airport Commission

(501) 537-7373

scarter@fly-lit.com

S & P Affirms Clinton National Airport Bond Rating at ‘A’

10/23/2013

S & P Affirms Clinton National Airport Bond Rating at ‘A’

Rating Service Considers Airport to have Solid Financial Risk Profile

 

LITTLE ROCK, AR (October 23, 2013) Standard and Poor’s Ratings Services (S&P) has announced that it has affirmed its ‘A’ credit rating with a stable outlook on general airport revenue bonds issued for Bill and Hillary Clinton National Airport. 
 
The rating service cites a consistently improved financial risk profile and a good liquidity position with 612 days of unrestricted cash on hand.
 

The airport currently has $12.2 million of outstanding debt.  In February 2013, as part of its debt service payoff plan, the Little Rock Municipal Airport Commission redeemed its series 1999A bonds in the amount of $6,922,358.66. Early payment of these bonds, which was scheduled for 2019, reduced annual debt service by approximately $2 million.  The Commission expects to pay off series 2003 bonds in 2014 and both 2007A and 2007B bonds in 2016, which will save the airport a total of approximately $7 million in interest.  After paying off debt, the Commission plans to complete its 2020 Vision Plan that includes a replacement concourse, new baggage claim and two additional gates.   

 

“We take great pride in being fiscally responsible, said Kay Kelley Arnold, Chairwoman of the Little Rock Municipal Airport Commission.”  “The rating reflects the consistent hard work, talent and dedication of airport leadership and staff.”

 

The rating announcement comes despite declining enplanements at Clinton National.  During the first and second quarters of 2013, enplanements were down an average of 3.3 percent, which has been attributed to economic factors. However, the airport has fared much better than many others across the countries, which have experienced double digit decreases.

 

Last year, S & P raised the airport’s rating from ‘A-’ to ‘A’.

 

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About Bill and Hillary Clinton National Airport

Bill and Hillary Clinton National Airport is the state’s largest commercial service airport, serving 2.2 million passengers annually. As Arkansans’ “Gateway to the World,” the airport is home to seven airlines with approximately 100 flight arrivals and departures daily.   Clinton National plays a major role in the city’s economy with a more than $1.2 billion impact each year, including providing Arkansans with more than 3,500 jobs on the airport’s 2,200 acres. For more information, visit clintonairport.com.

Bill and Hillary Clinton National Airport
One Airport Drive • Little Rock, AR 72202-4402
Phone: (501) 372-3439 • Fax: (501) 372-0612