Summary: Metropolitan Washington Airport Authority, D.C.; Airport Mar 08

Standard & Poors, March 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR), with a stable outlook, on the Metropolitan Washington Airport Authority, D.C.'s (MWAA) airport system revenue bonds. The SPUR reflects MWAA's solid market and service area strengths, combined with large capital requirements, weaker dominant airline tenants, and a higher cost structure than many U.S. airport systems. Specific credit strengths include: The authority has 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 strong enplanement trends at both airports, indicating recovery from 2001. In 2004 and 2005, National's enplanements increased 12%; in fiscal 2006, enplanements...

Companies mentioned in this report are: Metropolitan Washington Airports Authority
Action: Affirmed
Action: Outlook: Stable

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Metropolitan Washington Airports Authority

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