Standard&Poor's Ratings Services has affirmed its 'A+' rating on the Greater Orlando Aviation Authority (GOAA), Fla.'s senior airport revenue 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 (almost 17 million enplanements, or about 95% of the airport's total); An expanding service area that has a very strong tourist industry anchored by several major theme parks; Enplanement growth, increasing at a compounded annual average rate of about 0.9% per year the past five years through 2014 (following a 7.9% drop in fiscal 2009 due to the recession) with expansion occurring in both domestic and international sectors; A moderate airline cost
