S&P rates Nashville International Airport bonds A

Standard & Poor's said it assigned an A rating to the Metropolitan Nashville Airport Authority, Tenn.'s airport improvement revenue bonds, series 2008A and 2008B, issued on behalf of Nashville International Airport. The agency also affirmed its A underlying rating on the authority's outstanding airport revenue bonds.

The outlook is stable.

The authority is issuing the series 2008A and 2008B bonds to refund outstanding insured variable-rate bonds, which the agency said have been performing poorly after bond insurer downgrades, and to provide new money proceeds for terminal renovation. Each series will be issued as variable-rate demand bonds backed by a direct-pay letter of credit.

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