The 'BBB+' rating on Tulsa Airports Improvement Trust, Okla.'s $7.22 million lease revenue certificates of participation (COPs) generally reflects: Tulsa International Airport's (rated 'A-'/Stable) solid and highly diversified economic base, which includes the city of Tulsa (GO rated 'AA'/Stable); The strong origination and destination nature of the airport; The current depressed air passenger market at the airport; Low debt service coverage levels provided by the airport's pledged revenues; and The fact that annual lease rental payments securing the COPs are subject to annual appropriation by the airport's governing board. Tulsa International Airport's passenger volume continues to lag national levels. During the first eight months of 2003, traffic was down 9.5% versus a 3.4% decline industrywide. Southwest continues to lead a
