City, airport officials mix pride, modesty in Lambet outlook
By Ken Leiser
ST. LOUIS POST-DISPATCH
04/15/200
St. Louis — Passenger boardings are climbing at Lambert-St. Louis International Airport, and local leaders are confident the airport is on the cusp of becoming a top hub again.
The big talk comes with big plans as Lambert pursues more carriers and embarks on a $105 million makeover of its concourses.
But when it comes to Wall Street, the city is preparing to strike a more modest message: When you think of Lambert, think Oakland, not Las Vegas.
The city comptroller's office recently outlined a strategy that would "break with the past" by urging bond-rating agencies to compare Lambert with other medium-size airports in hopes of improving its credit score. Officials say a better score could save the city tens of thousands of dollars when it issues up to $250 million in bonds later this year for airport improvements.
Not so long ago, the Federal Aviation Administration regarded Lambert as a major passenger hub in the United States. In 2000, Lambert ranked 15th among major U.S. airports with about 15.3 million boardings.
But in 2003, American Airlines and its
partners cut more than half their flights at Lambert. While passenger totals have increased the last three years, the number of boardings the airport counted in 2007 — 7.7 million — was barely half the volume in 2000.
After American Airlines' reductions, credit rating agencies like Standard & Poor's and Fitch downgraded Lambert's debt rating. City leaders now want bond-rating agencies to compare Lambert with its present economic realities, not the pre-2003 days when its passenger volume rivaled Newark.
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