A.B. Won Pat International Airport Authority, Guam

Standard & Poor's (S&P) has issued a credit profile rating on the Antonio B. Won Pat International Airport Authority, Guam's (GIAA) General Revenue Bonds, reflected on table below:

S&P's release, attached, indicated the rating reflects their opinion of the Airport's adequate enterprise risk profile "as an essential service facility to the island, tempered by our expectation of fluctuating activity levels as a result of the island's unique exposures." The strong financial risk profile reflects S&P's "view of the airport's adequate financial performance, very strong debt and liabilities capacity, and strong liquidity and financial flexibility."

Executive Manager Tom Ada stated, "Standard & Poor's credit ratings and affirmations on our General Revenue Bonds are positive, and places us in a marketable position when we go to market to refund callable Series A & B General Revenue Bonds next week. I anticipate high demand for Guam Airport bonds, and expect the sale to be very successful."

Cash flow savings acquired through the refunding of a portion of the 2013 Revenue Bonds will be applied to necessary airport capital improvement projects. "Improvements to Guam's airport is a continuing process to ensure safe and efficient airport operations," Mr. Ada concluded.