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Mayor’s Office

Mayor Miro Weinberger Statement in Response to Fitch Ratings' Downgrade of Burlington's Airport Revenue Bonds

FOR IMMEDIATE RELEASE

November 16, 2012
Contact:  Mike Kanarick
                 802.735.7962             

Mayor Miro Weinberger Statement in Response to Fitch Ratings’ Downgrade of Burlington’s Airport Revenue Bonds

Burlington, VT – “We’re pleased that the Airport’s rating by Fitch remains investment grade and that, for the first time since the Airport’s financial troubles came to light in 2010, Fitch's official ‘outlook’ for the airport is now ‘stable.’  We further are pleased that Fitch noted actions taken by Airport management over the last year to improve liquidity by funding reserves and ‘prudent’ cost-cutting in its decision to improve the Airport's outlook.  While the ratings action is further evidence that it will take time and sustained discipline to repair the mistakes of the past, it also represents the first concrete recognition by a ratings agency that the Administmikeration's focus on financial issues has stopped the Airport's fiscal fall.  Moreover, by maintaining an investment grade rating, the Airport is now well-positioned to close soon on a $26.4 million bond refunding transaction, thereby converting $12 million of risky, short-term debt – debt generated by the 2010 Airport garage construction – to stable, long-term amortizing debt.  This critical fiscal step has been the focus of Airport management and the CAO's office for months and it was noted and endorsed in the Fitch rating.”

The Fitch Ratings press release regarding the Burlington International Airport may be found here.

 

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Press Release Date: 
11/16/2012
City Department: 
Mayor's Office