Denver International Airport may not open until early next year rather than this fall as earlier scheduled, but a recent report from J.P. Morgan Securities Inc. says bondholders should not be overly concerned.

Capitalized interest payments for the bonds sold for the project end on Dec. 3 1. But last week's Municipal Market Monitor reports that the airport is on track toward completion.

Furthermore, the location of the airport and the large number of flights that connect in Denver make the airport a necessary and vital link, the report says.

Although most of the major construction is completed at the airport, the report says, it is still unclear whether Terminal A and its associated baggage terminals will be finished before the start of 1994.

To date, the projected cost of the airport is $3.1 billion. The report says that the $500,000 per day due in debt service will most likely be paid by carriers after Dec. 31 until the airport opens.

United Airlines and Continental Airlines have said they would help with these payments.

Additionally, the J.P. Morgan report says the long-term competitive position of the airport and the large number of passengers that will use the facility should help calm any concerns.

Although the airport bonds may see a price drop during the next few weeks, the report says, the possibility that they may get secondary insurance should reinflate prices.

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