...Summary: The rating reflects Metropolitan Washington Airports Authority's (MWAA) very strong credit attributes, including the resilience of its complementary dual-large hub airport system serving the strong and growing District of Columbia air service area; well-balanced system-wide carrier mix; largely complete capital program with a new, smaller program that can serve projected demands; and stable financial profile. The large debt burden and rising airline cost profile, particularly at Dulles International Airport (IAD), remain concerns. However, this has been partially mitigated by the authority's new airline use and lease agreement (AUL) with enhanced revenue sharing between airports. Strong Market Position: MWAA's large traffic base is anchored by a strong underlying economic region and diverse, complementary domestic and international service offerings at Dulles and Reagan National Airport (DCA). Following the most recent recession, enplanement declines at IAD have been offset by...
