...NEW YORK (Standard & Poor's) June 1, 2015--Standard & Poor's Ratings Services has revised its outlook on Pensacola, Fla.'s airport revenue bonds issued for Pensacola Regional Airport (PNS) to stable from negative. At the same time, Standard & Poor's affirmed its '###' rating on the bonds. "The outlook revision reflects our view of improved debt service coverage as per our calculations and liquidity that we expect will continue at sufficient levels for the rating," said Standard & Poor's credit analyst Joseph Pezzimenti. The rating reflects our assessment of the following credit weaknesses: + Below average (although adequate) debt service coverage (DSC; Standard & Poor's-calculated) and liquidity position for an airport this size; + Fluctuating enplanement trends; and + Moderately high exposure to Delta Air Lines Inc. and its affiliates, which accounted for approximately 43% of fiscal 2014 total enplanements. In our view, offsetting credit strengths include: + A good origin-destination market,...
