Fitch Ratings has downgraded the Private Activity Bonds (PABs) for Los Angeles International Airport’s Automated People Mover (APM) project to junk status. The downgrade occurred due to continued construction delays and an increasingly strained relationship between the project’s developer, LAX Integrated Express Solutions (LINXS) and public sponsor, Los Angeles World Airports (LAWA). The project currently has unresolved schedule relief and cost claims that are still being negotiated.
