...S&P Global Ratings revised its outlook to positive from stable and affirmed its '###' long-term rating and underlying rating on Pensacola, Fla.'s airport revenue bonds, issued for Pensacola International Airport (PNS). The outlook revision reflects our view of the airport's steady track record of rising enplanements, good debt service coverage (DSC) that we expect will remain at least adequate in the next two years, and our expectation that the airport's debt load will not increase materially. Following the series 2015 private placement issue that refunded the issuer's series 2005 airport revenue bonds, the series 2008 bonds are the issuer's only general airport revenue bonds (GARBs) that we rate. In addition to the series 2015 airport refunding revenue notes, PNS also has series 2010 airport revenue notes and series 2012 modified customer facility charge (CFC) notes outstanding. While our analysis considers the airport's ability to cover its total debt obligations, we do not rate the privately...
