Moody's affirms St. John's

Moody's Investors Service said it affirmed the A1 senior secured rating for St. John's International Airport Authority and maintained the stable outlook.

The agency said the affirmation takes into account the authority's traffic volume resilience during the recent economic recession and material traffic growth in 2010, its modest debt levels by comparison to other rated Canadian airport authorities, its stable financial results and the recently announced capital expenditure program, which will translate into some C$70 million being spent in the next four years.

The capital expenditures will translate into additional debt, but the authority expects that through traffic growth and moderate increases in rates and fees, it should be able to maintain credit metrics through the middle of the decade, Moody's said.

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