Standard&Poor's Ratings Services has affirmed its 'AA-' rating on the Greater Orlando Aviation Authority (GOAA), Fla.'s bonds issued for Orlando International Airport (MCO). The outlook is stable. In our opinion, key credit strengths include the following: A large origin and destination (O&D) base (about 95% of the airport's total); An expanding service area that has a very strong tourist industry, which several major theme parks anchor; Retention of a strong enplanement base, increasing at a compounded annual average rate of about 1.5% per year the past four through 2015. This includes strong 7.4% growth in 2015, with increases in both domestic and international sectors; A moderate airline cost structure despite recent increases, with a slight improvement in cost
