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Airport car rental facility bonds downgraded Bizjournals.com
Fitch Ratings on Thursday downgraded the outstanding bonds of the Atlanta airport’s new rental car facility, reflecting the downturn in the economy and the corresponding drop in the auto rental business.
Fitch now lists the $221 million in outstanding revenue bonds as BBB+, down from A-. The rating outlook has also been revised to negative from stable. The bonds were issued in 2006.
The new consolidated rental car facility (known as CONRAC) is under construction adjacent the Georgia International Convention Center in College Park, and connects to Hartsfield-Jackson Atlanta International Airport via an automated people mover.
The downgrade of the CONRAC bonds has no impact on a push by the airport to re-enter the bond market for up to $800 million in financing to continue construction on the new Maynard Holbrook Jackson International Terminal.
The airport is also looking to refinance up to $590 million in existing international terminal general revenue bonds at a better interest rate.
A Rookies Guide to Car RentalsRenting a car can be a lot of fun, just plain fun. Car rentals offer the renter the opportunity to drive a car, truck or SUV that they normally would not or could not buy. Renting a car is for a weekend get away, to impress someone or just to have something different to drive for a couple of days are some of the most popular reasons to visit a rental company. However, as fun as it is to rent cars, there are some not so fun things that must happen before you drive it off the lot.
1- Keep in mind that most rental companies will not rent to any driver under the age of 25. If you fall under that magic number, you more than likely will need to get an older relative or friend to sign the actual contract for you.
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