Fitch Ratings affirmed the double A minus rating on approximately $58.7 million Burbank-Glendale-Pasadena Airport Authority revenue bonds. The outstanding series 2005A, 2005B and 2005C bonds are secured by a net revenue pledge of the airport and the final maturity on all bonds is 2025. The rating outlook is stable.

The rating reflects the airport's continued exceptionally strong coverage and cash reserve metrics, very low and competitive cost structure resulting in airline per passenger cost levels at about $2 in 2009, significant rate-making flexibility with low dependence on airline charges, and a predominantly origination/destination traffic profile within a wealthy and highly-populated air trade service area, Fitch said.

Offsetting credit concerns are focused on traffic activity that has exhibited above average volatility particularly in weaker economic periods, the competitive nature of the Southern California air service market of which Burbank airport serves a relatively modest component, and the domination of air service by Southwest, which provided 66 percent of the airport's overall service for fiscal 2009, the ratings agency said.