Lambert-St. Louis International Airport gets “positive” bond rating from Standard & Poor’s

January 25, 2009

Fleur-de-Lis (historic symbol of St. Louis) photo courtesy of Shushan's

Fleur-de-Lis (historic symbol of St. Louis) photo courtesy of Shushan's

The St. Louis economy appears to be holding its own in these roller-coaster days on the stock markets. There’s a saying, “When the going gets tough, the tough get going.” I think that is a good description of how we do things here.

I have included, along with the story titled above, a photo of the main passenger terminal at Lambert-St. Louis International Airport. It is a modern architectural icon, designed by American architect Minoru Yamasaki (Seattle) and completed in 1956. According to Wikipedia, “… the four-domed terminal design inspired future terminals at John F. Kennedy International Airport in New York City and Charles de Gaulle International Airport in Paris.” Yamasaki was also the design visionary of the Twin Towers at the World Trade Center in New York. Our Lambert field has its ups and downs, like everything associated with the airline industry these days, but there is no denying that this is a very positive story for our city.

Iconic Lambert Airport Architecture (photo courtesy of Errington C. Thompson, MD)

Iconic Lambert Airport Architecture (photo courtesy of Errington C. Thompson, MD)

This is a copy/paste from the Web site of the St. Louis Post-Dispatch on January 21, 2009:

Lambert Airport upgraded to “positive” bond rating

Despite tough times in the airline business, the Standard & Poor’s credit rating agency has affirmed its rating for Lambert-St. Louis International Airport revenue bonds and revised the outlook to “positive” from “stable.”

Analysts cited “continuing stabilization” of the airport’s financial performance and operations since American Airlines significantly cut service to St. Louis in 2003.

“Performance in line with projections combined with limited additional debt
requirements could result in an upgrade in the next 12 to 18 months,” S&P
credit analyst Adam Torres wrote last month.

The rating agency affirmed its BBB+ rating for Lambert’s revenue bonds.

St. Louis Comptroller Darlene Green, a member of the St. Louis Airport
Authority, said Wednesday that Lambert “continues to improve its overall
financial position” by reducing costs and remaining fiscally responsible.

Airport officials recently announced steps to save $2.7 million, in part,
by closing a 12-gate area of Concourse D and freezing some positions.

The airport is planning to issue bonds later this year to pay for part of
an ambitious face lift to its Main Terminal and access roads.

# # #

I copy/paste these stories now, because once the publication takes them off their Web site, or moves them into archives, it can break my links to them; however, if you want to see the actual story while it’s online, this link works as of this moment:

St. Louis Post-Dispatch story on Lambert Airport


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