NEW YORK (Standard&Poor's) July 28, 2008--Standard&Poor's Ratings Services assigned its 'A-' rating to the Public Building Authority of Sevier County, Tennessee's Series II-D-1 and Series III-A local government public improvement bonds, issued on behalf of the Metropolitan Knoxville Airport Authority (MKAA). The rating is based on a small-hub airport with fluctuating recent enplanement trends and a degree of variable rate exposure, with a historically strong liquidity position with manageable additional debt needs. "The airport has good airline diversity, with no carrier holding more than 30% of the market, an improvement from a single carrier holding more than 40% in 2003. Also, the airport is located at the center of a stable and expanding regional economic base,"
