S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on Miami-Dade County's aviation revenue bonds issued for Miami International Airport (MIA). The outlook is stable. The rating action reflects our view of MIA's substantial demand, which surpasses pre-pandemic activity, and its leadership in enplanement growth for large hub airports since the fiscal 2019 peak, which we believe is consistent with a change to the market position to extremely strong. Net revenue of the county's port authority properties, which substantially consist of MIA, three general aviation airports, and one training airport, secures the bonds. MIA generates the majority of net revenue. As of Sept. 30, 2023, MIA had about $5.2 billion of debt outstanding, consisting
