SAN FRANCISCO--(BUSINESS WIRE)--Fitch Ratings has affirmed Pensacola, Florida's (the city) 'BBB-' rating on $32.9 million of outstanding series 2008 airport capital improvement revenue bonds issued on behalf of Pensacola International Airport (the airport, or PNS). The Rating Outlook is Stable. In addition to the 2008 bonds, PNS has approximately $27.5 million of parity obligations that Fitch does not rate. The 'BBB-' rating reflects the airport's small regional market with significant competit