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Two bond-rating agencies have affirmed the outlook on Denver International Airport’s debt as “stable,” a short time after Moody’s Investors Service lowered the outlook to “negative” from “stable” because of concerns about DIA’s capital-spending plan.
DIA is preparing to sell at least $341.3 million in bonds to re-fund existing airport debt — a move that prompted Moody’s, Fitch Ratings and Standard & Poor’s to review the airport’s bond rating and outlook.
Moody’s said it was concerned about debt funding for “noncore” projects, including a planned Westin hotel at the DIA terminal, as part of a $909 million 2011-16 capital-spending program.
