Guam – Representatives from the Moody’s credit rating agency met this morning [Tuesday] with Guam International Airport Authority [GIAA] Executive Manager Chuck Ada the day after Governor Calvo signed Bill 1 (S-2) into Public Law 32-62.
The measure was passed in Special Session last Wednesday. It authorizes the refinancing of a 2003 GIAA bond obligation at a lower interest rate and it also permits the Airport to borrow an additional $110 million dollars for airport improvements.
Ada called the Governor’s decision to sign the bond legislation Monday “huge” because it signaled to Moody’s that GovGuam “is engaged and moving forward with the bond refinancing, also the new monies for the new projects we identified in the bond legislation.”
“We’re very pleased to have had the time to meet with the folks from Moody’s,” he said. “We were able to share with them some of the progress we have been making since our last meeting with them in San Francisco, a couple of month ago.”
There are a total of 19 projects planned with that new money which, Ada said, “will greatly increase the capacity of services provided by the airport. ” First on the list is a project that will re-configure the international corridor to prevent the co-mingling of TSA screened, and non-TSA screened passengers, said Ada.
They also discussed time line for issuing the bond which will be rated by Moody’s.
Ada said they hope to float the bond for pricing by the middle of this month and the money for the new projects should be in hand by September 12th.
The Moody’s team is also meeting with Governor Calvo today. No word yet on the results of that meeting.