S&P Global Ratings affirmed its 'BBB' long-term rating and underlying rating on Pensacola, Fla.'s airport revenue bonds, issued for Pensacola International Airport (PNS). The outlook is positive. The airport has about $44.9 million in outstanding debt secured by airport revenues, following the principal payments that occurred on Oct. 1 in addition to the series 2008 general airport revenue bonds (GARBs) that we rate, the airport has three private placements with banks, secured on par with the airport's public GARBs. PNS has an additional $8.8 million in debt secured solely by customer facility charge (CFC) revenues, and a $6.3 million grant anticipation note (GAN) secured by anticipated grant receipts from the Florida Department of Transportation. The rating reflects our assessment of
