Fitch Rates Denver International Airport, Colorado's $105MM Bank Bonds 'A+'; Outlook Stable

The 'A+' rating reflects the large and diverse economy of the Denver Metropolitan Area, the favorable balance and resiliency of DIA's origination and destination (O&D) and connecting passenger traffic, along with the airport's favorable geographic location which positions Denver favorably for ongoing domestic hubbing activity. It also reflects the growing presence of low-cost carriers that continues to moderate United Airline's large market share, and favorable rate-setting provisions under use and lease agreements that consistently produce sound financial results.

Credit concerns include the already high and still increasing debt levels coupled with the potential upward trend in airline costs associated with the implementation of the current multi-year capital program. Fitch also notes that the weakening credit quality of Denver's anchor carrier, United Airlines (UAL; Issuer Default Rating 'CCC'), and the recent bankruptcy developments of Frontier do introduce some near-term risks to the ability maintain its overall positive air service trends. In addition, despite successful restructurings of certain variable-rate debt and interest rate swaps throughout 2008, DIA still retains nearly $1.3 billion of variable-rate obligations, which exposes the airport to volatility amongst the swap counterparties and liquidity providers as well as stabilization of debt interest costs.

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