Miami International Airport Revenue Bond Rating Lowered To 'A-' On Pandemic's Effects

NEW YORK (S&P Global Ratings) Sept. 17, 2020--S&P Global Ratings lowered 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) and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. The outlook is negative. "The rating action reflects our expectation that activity at MIA will be materially depressed, unpredictable, or demonstrate anemic growth as a result of the COVID-19 pandemic and associated effects outside of management's control," said S&P Global Ratings credit analyst Nora Wittstruck. Our rating action reflects health and safety risks posed by the COVID-19 pandemic and its impact on passenger activity as a result of

...September 17, 2020 NEW YORK (S&P Global Ratings) Sept. 17, 2020--S&P Global Ratings lowered 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) and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. The outlook is negative. "The rating action reflects our expectation that activity at MIA will be materially depressed, unpredictable, or demonstrate anemic growth as a result of the COVID-19 pandemic and associated effects outside of management's control," said S&P Global Ratings credit analyst Nora Wittstruck. Our rating action reflects health and safety risks posed by the COVID-19 pandemic and its impact on passenger activity as a result of mobility restrictions and behavioral changes related to travel, which we view as a social factor within our environmental, social, and governance factors, resulting in significant operating and...

Ratings Action