FAQ

How are Airports Authority Bonds rated?

Bond ratings depend upon a number of factors developed by the rating agencies that rate the bonds, and take into consideration the security features designed to insure the payment of debt service on the particular bonds. Some bonds with the same underlying credit features might have different credit ratings assigned. 

As of June 20, 2013, the underlying Airports Authority credit ratings for the Aviation Enterprise are as follows:

Moody's Investor Services Standard & Poor's Ratings Service Fitch
A1 AA- AA-
                     

As of April 22, 2010 the underlying Airports Authority credit ratings for the Dulles Corridor Enterprise are as follows:

Moody's Investor Services Standard & Poor's Ratings Service
First Senior Lien A2 A [stable]
(Series 2009A Bonds)
Second Senior Lien Baa1

BBB+ [stable]

(Series 2009B-D and 2010A-B Bonds)

Subordinate Lien Baa2

BBB [stable]

(Series 2010C-D Bonds)

For a specific rating of a bond being issued by the Airports Authority, see the Bond Offering section of this website.

Moody's Investor Services (212) 553-0300
Standard & Poor's Ratings Services (212) 208-8000
Fitch (800) 753-4824

How are Airports Authority Bonds issued?

Airports Authority fixed-rate bonds are generally issued in $5,000 denominations as fully registered in book-entry bonds, without physical certificates or coupons. Bond transactions are recorded in electronic computerized book entry form by the Depository Trust Company ("DTC"), a New York limited purpose trust company and member of the Federal Reserve System. DTC is a registered clearing agency under the Securities Exchange Act of 1934, and holds securities for participants. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. Purchase of the book entry bonds under the DTC system must be made by or through the Direct Participants who will receive a credit for the bonds on DTCs computerized records. The Direct or Indirect Participants are in turn responsible for keeping accurate records of their individual clients' holdings and issuing written transaction confirmations and periodic account statements to the individual clients. Under this system individual bondholders do not receive physical certificates representing their ownership of the bonds, but should receive account statements of their holdings from their securities broker.


I own Airports Authority Bonds and have questions, who should I contact?

For topics relating to Airports Authority bonds, including interest or principal payment and notices, please contact:

M&T Bank, Trustee for the Bonds 
25 South Charles Street
16th Floor
Baltimore, MD 21201

Mr. Kevin Ebert
410-244-4632

How can I buy Airports Authority Bonds?

Bonds issued by the Airports Authority may be purchased in the primary or secondary market from brokers. Bonds are offered only pursuant to the official statement, a copy of which is available from your broker. When the Airports Authority offers a new issue of bonds, there usually is a retail order period that is advertised to the public. Some investors also invest in municipal bonds.  You should consult your investment advisor for further details. Commissions and fees vary by firms. The Airports Authority is not permitted to provide investment advice. The Securities and Exchange Commission regulates securities firms, financial markets and investment advisors. Exchanges often also regulate their members.


What is a brokerage account?

This is an account with a broker/dealer that allows individuals to purchase stocks, bonds, mutual funds, and other investments.


What is an official statement (OS)?

An official statement ("OS") is the document prepared by the Airports Authority for use by the underwriters in offering its bonds for sale to the public. The OS contains the relevant information about the Airports Authority and the bonds being issued and includes important information that a potential investor should consider before purchasing the bonds. The official statement provides the terms of the bonds such as maturity and interest rates, an explanation of the security and pledge of revenues supporting the bonds, as well as the other investment considerations you should take into account before buying the bonds.


What is a rating?

A rating is a measure of the credit quality and safety of a bond, based on the issuer's financial condition. More specifically, it is an evaluation indicating the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments as assessed by a nationally recognized rating agency.


What is the pricing date?

It is the day on which an underwriter establishes the final coupon rate, yield, and price for each maturity of an issue. During the retail order period (the day before the Pricing Date) and on the Pricing Date, an investor can place an order to purchase the bonds as part of the primary market offering