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Fitch Affirms Jacksonville Airport Bonds


top story photo Fitch Ratings has affirmed the 'A rating on the Jacksonville Aviation Authority, FL's (JAA) outstanding $87.3 million of series 2003 and series 2006 airport revenue bonds for Jacksonville International Airport (JAX). Fitch said the authority also has approximately $81.2 million outstanding parity notes that are not rated by Fitch. The rating outlook remains stable.

In affirming the rating, Fitch cited the airport's midsized O&D enplanement base with some volatility, its strong cost recovery framework, some variable rate debt with refinance risk, reasonable leverage and adequate liquidity, and a modest capital program.

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