Miami International Airport's 2017 Revenue Refunding Bonds Rated 'A'; Other Ratings Affirmed

NEW YORK (S&P Global Ratings) March 3, 2017--S&P Global Ratings has assigned its 'A' long-term rating to Miami-Dade County, Fla.'s pro forma $145 million series 2017 aviation revenue refunding bonds issued for Miami International Airport (MIA). At the same time, S&P Global Ratings affirmed its 'A' rating on the county's aviation revenue bonds issued for MIA. The outlook is stable. "The rating reflects our assessment of a large connecting hub airport with a niche market dominance that has produced steady financial results despite having a high debt load, additional debt needs, and a high airline cost structure," said S&P Global Ratings credit analyst Joseph Pezzimenti. Key credit strengths, in our opinion, include: The airport's importance to American Airlines Inc. as

...NEW YORK (S&P Global Ratings) March 3, 2017--S&P Global Ratings has assigned its 'A' long-term rating to Miami-Dade County, Fla.'s pro forma $145 million series 2017 aviation revenue refunding bonds issued for Miami International Airport (MIA). At the same time, S&P Global Ratings affirmed its 'A' rating on the county's aviation revenue bonds issued for MIA. The outlook is stable. "The rating reflects our assessment of a large connecting hub airport with a niche market dominance that has produced steady financial results despite having a high debt load, additional debt needs, and a high airline cost structure," said S&P Global Ratings credit analyst Joseph Pezzimenti. Key credit strengths, in our opinion, include: + The airport's importance to American Airlines Inc. as a key U.S. gateway airport to Latin America; + Generally favorable enplanement trends that we expect to continue because of serving a strong service area economy; and + Historically steady financial performance (that we expect...

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