Airport Wins Bond Upgrade; Snyder's-Lance Shares Rise on Earnings Report
The bond ratings service Fitch has upgraded ratings for Charlotte Douglas International Airport, citing a healthy outlook for air traffic and the airport's relatively low costs.
The new rating of double A minus (AA-) is up from A-plus (A+). It comes as the city prepares to issue $328 million in bonds this year to pay for current and future airport improvements including expansions of terminals, ramps and parking lots.
The city council approved the bonds April 24. See a list of projects included in the bond issues on the city website. (PDF)
See Fitch's announcement of the ratings upgrade at http://www.fitchratings.com/
SNYDER'S-LANCE SHARES RISE
Shares of Charlotte-based snack-maker Snyder's-Lance rose as much as 5 percent Monday after the company announced a jump in revenue compared to a year ago.
Profits in the first three months of the year totaled $11.1 million, or 13 cents a share, excluding unusual one-time expenses. That was a rebound from a year ago when the company lost $25 million.
The results weren't a surprise - they matched what the company promised last month, the same day it announced the unexpected retirement of its CEO.
New interim CEO Brian Driscoll acknowledged Monday that Snyder's-Lance faced "difficult challenges" during the first quarter. He said the company is responding aggressively to turn things around.