LOS ANGELES : Bond Rating Firm Puts LAX on ‘Creditwatch’
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Standard & Poor’s put Los Angeles International Airport on its “Creditwatch” Friday, indicating that the bond rating firm is concerned about the airport’s financial security.
In July, the airport tripled landing fees charged to airlines--from 51 cents to $1.56 per 1,000 pounds of landed weight. But the increase prompted 40 airlines to file suit in federal court and to refuse to pay the new rates, which went into effect last month.
“These events raise both short- and long-term concerns,” Standard & Poor’s said in a statement.
LAX has the highest bond rating of any airport in the nation, AA-, but the warning indicates that the rating may be lowered. That could lead to increased rates on city bonds.
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