Say Versus Do: Analysis of Fitch Ratings and Bond Grades for a Regional Airport

In this short article, the authors examine the airport bond rating system by Fitch Ratings, including what Fitch documents “say” are important versus the level of analysis that is actually “done.” One thing that is apparently not done is construction of a travel model for measuring competition between airports. The authors do this for the Pensacola, Florida, airport. Results indicate the Fort Walton Beach facility is the largest threat and the staff at Fitch Ratings have, to some degree, focused on the wrong airport. The authors also found that, while ratings affect interest rates, the relationship to risk is less clear.


  • English

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Filing Info

  • Accession Number: 01606335
  • Record Type: Publication
  • Files: TRIS
  • Created Date: Jul 21 2016 9:36AM