CHICAGO -- Standard & Poor's Corp. will not rate airport revenue bonds secured solely by passenger facility charge revenues, according to new rating criteria published today by the agency.

In its Credit Week Municipal publication, the agency said it will not rate the bonds mainly because of the U.S. secretary of transportation's authority to terminate an airport's ability to levy the charges due to improper use. The agency pointed out that while the termination process takes long, "this does not completely protect a passenger facility charge bondholder, who has nowhere else to turn if the revenue stream is terminated."

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