...The rating reflects St. Louis Lambert International Airport's (STL) midsize, predominantly origination-and-destination (O&D) traffic base and moderate carrier concentration. The hybrid airline agreement and cost-recovery mechanisms support sound financial operations. Leverage will rise moderately with borrowings for the capital improvement program's (CIP) modernization projects. It will remain consistent with the current rating given rapid debt amortization and solid airport liquidity. Fitch Ratings has not yet factored the $3 billion consolidated terminal program (CTP) into the rating. The program has not been finalized or received airline approval....
