The South Jersey Transportation Authority, which operates Atlantic City International Airport, is at risk of a credit downgrade after the collapse of Spirit Airlines sharply reduced traffic at the airport.
Fitch Ratings on Monday said it had placed the authority’s senior and subordinate transportation system revenue bonds on Rating Watch Negative, citing the financial impact of Spirit’s exit. The airline accounted for about 76% of passenger traffic at Atlantic City International, leaving the airport without daily commercial service.
Spirit Aviation Holdings Inc. shut down earlier this month, after failing to secure emergency funding. The airline had struggled with ...
