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Moody's rates airport

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by Sabrina Salas Matanane

Guam - Ratings Company Moody's Investors Services has assigned the Guam International Airport Authority's revenue bonds a Baa2 rating with a stable outlook. As we've been reporting GIAA is hoping to refund its bonds and get a loan to pay for capital improvement projects. According to a company press release the Baa2 rating was based on the airport's monopoly position, "which is balanced by a local economy that is highly concentrated in tourism and U.S. military activity, the increasing number of airlines that are signatory to the residential airline lease agreement, and the island's geographic location that makes it susceptible to typhoons, which could result in damage to the facility or depress traveler demand."

The press release goes on to state that the stable outlook reflects the increasingly diverse tourism market that incorporates visitors from China and Russia in addition to the historical base of Japan and Korea. Moody's also notes the stable outlook incorporates the recently signed concession contract "that provides greater minimum annual guarantees and projected sales performance than the previous operators, which will lower airlines costs."

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