Fitch gives A+ underlying rating to Denver airport bonds

Fitch Ratings said it assigned an underlying A+ rating to about $456 million of City and County of Denver series 2008A airport system revenue bonds for the Denver International Airport.

The series 2008A bonds consist of $135.9 million series 2008A1 (fixed rate-AMT); $159.8 million series 2008A2 (term rate-AMT); and $159.8 million series 2008A3 (term rate-AMT) bonds.

The series 2008 bonds are expected to price on April 10 and will refund and defease series 2001C3-C4, series 2002A1-A3 and series 2005B1-B2 bonds. This refunding is in response to the current auction-rate market conditions.

Fitch also affirms the underlying A+ rating on the city's approximately $3.6 billion in outstanding airport system revenue bonds. The outlook on all bonds is stable.

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