After the sale of the bonds, the airport's total debt will be $954.7 million. Some of the debt will be used in the airport's $1.1 billion capital improvement program which includes a new south terminal and a fourth runway.

S&P also removed the airport's finances from a rating of CreditWatch with negative implications. The New York-based bond-rating agency cited the OIA's "rebounding passenger levels; the strong growth in passenger levels at the airport prior to Sept. 11, 2001; and the diversity of the authority's revenues."

S&P says the outlook for the airport's financial condition is stable. "Airline revenue constitutes only 27% of the airport's (total) revenue, while operating and concession revenue constitutes 69%, which, when combined with the large market and the number of airlines that operate at Orlando International Airport, provide stability to the rating," S&P credit analyst Joseph Pezzimenti says in a prepared statement.

But, he says, "effectively implementing the airport's large capital program and the dependence on tourist passengers for future growth present some challenges to the airport."

Pezzimenti says S&P expects the airport to handle its capital program without problems "while maintaining reasonable costs."