Lambert-St. Louis International Airport

Lambert-St. Louis International Airport
314-426-8000 or Hotline: 314-426-8111
10701 Lambert International Blvd.
St. Louis, MO 63145

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Lambert-St. Louis International Airport is spending nearly $450 thousand on its most recent facility upgrades which include the enhancement and improvement of windows and the installation of new carpet.

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Lambert Credit Rating Boosted To "A" Category
ST. LOUIS (SLFP.com), June 9, 2009 - Standard & Poor's, the nation's leading credit rating agency, raised Lambert-St. Louis International Airport's BBB+ debt rating to A- with a stable outlook on Friday, June 6. The action comes as the city looks to sell up to $125 million in airport revenue bonds to fund terminal and other improvements for Lambert's "Airport Experience" renovation project.

The rating agency cited the airport's debt service stabilization fund, created by Comptroller Darlene Green as a result of a 2005 bond refunding, as a major factor for the upgrade. The fund has a current balance of $17.3 million and expects to increase to $30.2 million by 2011.

According to S&P, the debt service stabilization fund adds additional protections and liquidity, making debt issued by Lambert more attractive to investors even during a very challenging operating environment for many of the nation's airports. In addition, a healthy balance in the airport's development fund and the creation of an airline rate mitigation fund also were factors for the credit upgrade, according to S&P.

"The positive financial state of our airport and the upcoming terminal renovations says a lot about our commitment to being a first class destination and the region's economic engine," said Comptroller Darlene Green.

The city of St. Louis anticipates issuing its bonds in the coming weeks to finance airport terminal improvements as part of the Airport Experience Program. This large-scale renovation project, expected to start next year, includes terminal improvements, new ticket counters, concourses, new flooring and lighting, upgraded security checkpoints and new restrooms. The specifics and timing of the bond issue are still being determined and will be based on market conditions. The comptroller's office believes this latest credit upgrade will produce a savings on interest and issuance costs.

"The improved credit outlook indicates Lambert has made significant progress in holding down costs and expenses so we can focus on important improvements that will benefit our partner airlines and most of all, our passengers," said Lambert Director Richard Hrabko.

Lambert-St. Louis International Airport is the 30th busiest airport in the U.S. as ranked by Airports Council International-North America. Lambert has grown from a balloon launch location called Kinloch Field to a major transportation center. The originally hayfields were purchased by Major Albert Lambert and renamed it Lambert Field in 1920. The airport has played an important role in air transportation. Col. Charles Lindbergh departed from Lambert Flying Field in 1927 St. Louis for New York to begin his historic non-stop solo flight to Paris, France.

Today, Lambert serves more than 15 million passengers a year with an average of 300 daily departures to 70 national and international destinations. For more information on flights and services at Lambert-St. Louis International Airport, log onto www.flystl.com.

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