Standard & Poor's Ratings Services said it raised its rating outlook to positive for the state of Hawai'i's outstanding revenue bonds that were issued for the airport system.

The outlook change was prompted by new airline lease agreements that changed the landing fees from a fixed rate to a calculated rate using a cost recovery methodology. Standard & Poor's noted the airports' plans call for $2.1 billion of projects including replacement and reconfiguration of gates, enhanced security checkpoints, expansion of commuter facilities and parking improvements.

It said the state expects to sell some of the $1.5 billion in bonds for financing the improvements next summer.