S&P Global Ratings assigned its 'A' long-term rating to Metropolitan Knoxville Airport Authority (MKAA), Tenn.'s proposed $70.0 million series 2024A airport revenue bonds and $45.0 million series 2024B airport revenue bonds, issued for McGhee Tyson Airport (TYS). The outlook is stable. The series 2024 bonds will be secured by net revenues of the authority, in addition to transfer amounts and customer facility charge (CFC) revenues pursuant to the master resolution. The master resolution also contains a 1.25x rate covenant on debt service due each year and a 1.0x rate covenant for all debt service; amounts to be deposited into the reserve account; and required deposits in the operation and maintenance (O&M) reserve account. Additional bonds are allowed under a 1.25x
