The Ontario International Airport, a key gateway to Southern California’s desert destinations, is issuing approximately $174 million in municipal bonds to fund terminal upgrades and runway reconstruction. Located about 35 miles east of downtown Los Angeles, the airport serves the fast-growing Inland Empire and travelers heading to Palm Springs, Joshua Tree National Park, and the Coachella Valley. About $124 million of the debt is subject to the alternative minimum tax.
Rising passenger traffic, with international travel up nearly 31% year-over-year, has driven strong financial performance. In response, Fitch Ratings upgraded the airport authority’s debt rating by two notches to A+ from A-. The bond deal is expected to price on Tuesday, led by Bank of America Corp. and Ramirez & Co..
Source: Bloomberg Markets · Summarized by HeadlinesBriefing