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 'BBB' rating on the bonds. The outlook revision reflects our view of improved debt service coverage (Standard&Poor's-calculated) and liquidity that we expect will continue at sufficient levels for the rating. 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.
