Standard&Poor's Ratings Services has affirmed its 'A+' rating on the Greater Orlando Aviation Authority (GOAA), Fla.'s senior airport revenue bonds. The outlook is stable. In our opinion, key credit strengths include the following: A large origin and destination (O&D) base at Orlando International Airport (MCO; almost 17 million enplanements, or 95% of the airport's total); An expanding service area, with a very strong tourist industry anchored by several major theme parks; Enplanement increasing at a compounded annual average rate of 1.8% per year the past three years through 2012 following a 7.9% drop in fiscal 2009 due to the recession), with expansion in both domestic and international sectors; A moderate airline cost structure despite recent increases, with cost
