Summary: Metropolitan Washington Arpt Auth, DC; Transportation, Airport Jan 06

Standard & Poors, January 2006

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to Metropolitan Washington Airport Authority (MWAA), D.C.'s airport system revenue bonds series 2006A and affirmed its 'A+' rating on the MWAA's outstanding airport system revenue debt. The rating reflects MWAA's solid market and service area strengths, coupled with large capital requirements, weaker dominant airline tenants, and a higher cost structure relative to many U.S. airport systems. Specific credit strengths include the following: There is a combined net revenue pledge of two airport enterprises--Ronald Reagan Washington National (National) and Dulles International (Dulles)--each serving different markets (short haul at National versus long haul, with an international emphasis, at Dulles); There are benefits associated with a unique airline use and lease agreement, which includes...

Companies mentioned in this report are: Metropolitan Washington Airports Authority
Action: Affirmed
Action: New Rating
Action: Outlook: Positive

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Metropolitan Washington Airports Authority

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