...Summ ary: The rating reflects MIA's strong position in the south Florida market for both domestic and international air service. MIA is one of the nation's strongest international gatew ays, with a dominant position in Latin American and Caribbean services. The rating also reflects a strong cost recovery framew ork; stable financial results; and a recently completed capital plan, though a new master plan is soon expected. Total debt leverage of 12x for fiscal 2018 places MIA at the upper end of the `A' category guidance for an airport w ith a stronger revenue risk assessment. The Positive Outlook reflects MIA's new , long-ter m airline use agreement (AUA), w hich demonstrates the signatory air carrier 's commitment to serving the strong air service area, and should allow the established track record of enplanement grow th and stable financial results to continue. Also reflected is the airport's current flexible and more moderate capital program through the medium ter m. Cost per enplanement...
