OREANDA-NEWS. S&P Global Ratings assigned its 'A-' long-term rating to the Ontario International Airport Authority, Calif.'s series 2016 revenue bonds, issued for the Ontario International Airport (ONT). At the same time, S&P Global Ratings affirmed its 'A-' underlying rating (SPUR) on the airport's outstanding debt. The outlook is stable.

"The rating reflects our opinion of the airport's role as a medium-hub facility with ample capacity in the growing Los Angeles metropolitan area, low debt per enplanement with no additional debt planned, and manageable capital improvement plan," said S&P Global Ratings credit analyst Mary Ellen Wriedt.

The bonds will be secured by a senior lien on the net revenue of the airport and mature in 2026. ONT, a medium-hub, full-service airport, is located approximately 35 miles east of downtown Los Angeles, just over the Los Angeles County line in western San Bernardino County. ONT's service area includes approximately six million people in San Bernardino and Riverside counties and portions of north Orange County and east Los Angeles County.

The bonds will be the first bond issuance of the authority. The airport is currently owned and operated by the Los Angeles Department of Airports. As part of the settlement agreement that will transfer ONT to the authority from the Los Angeles Department of Airports (the department), the bonds will be used to refund the department's debt outstanding that was issued for ONT. Transfer of the airport is expected to occur on Nov. 1, 2016.