Atlanta, which owns and operates the world’s busiest airport, plans to sell around $590 million in municipal debt, to help finance a new terminal at Hartsfield-Jackson International scheduled to be finished in 2012. The new 12-gate facility will be connected to the 28-gate Concourse E, creating a 40-gate international air-travel complex at Hartsfield-Jackson, said John Kennedy, an airport spokesman.
About $177 million of the city’s offering is backed by a senior lien on airport general revenue, and is ranked fifth- highest at A+ by Fitch Ratings. The remainder is secured by a subordinate claim and a “passenger facility” charge, carrying a rating of A, one level lower, Fitch said. Both parts of the issue are rated Al by Moody’s Investors Service, fifth-highest, reflecting Moody’s upgrade of outstanding subordinate debt.