S&P is assigning it's A+ rating on $260 million of series 2003A and 2003B revenue bonds being sold for Tampa International Airport, the largest commercial real estate project in Central Florida when it was completed in 1971.

Eighty miles east of Tampa, the Orlando-Orange County Expressway Authority, the largest road-building agency in Central Florida, is also selling bonds valued at $285 million. S&P gives an A rating to the series 2003A refunding revenue bonds.

In Tampa, S&P also raised its underlying rating on the airport authority's series 2001A bonds to A+ from A, and assigned an A+ underlying rating (SPUR) to the series 1993B and 1993D, 1996A and 1996B, 1997A and 1997B, and 1999A bonds.

"The upgrade reflects the airport's relatively low-cost structure, good revenue diversity, experienced senior management, increased commitment of Southwest Airlines to the airport, and a detailed capital plan with limited additional debt requirements after the 2005-2006 period," S&P says in a prepared statement. The report was prepared by New York S&P analysts Joseph J. Pezzimenti and Todd Whitestone.

On the Orlando bonds, S&P analyst Laura Macdonald says "the ratings upgrade is based on the authority's demonstrated ability to build and support its planned expansion projects, while maintaining projected solid debt service coverage, as well as the continued strong systems growth."