Standard&Poor's Ratings Services has affirmed its 'A-' rating on the Public Building Authority of Sevier County, Tenn.'s series II-D-1 local government public improvement bonds, issued on behalf of the Metropolitan Knoxville Airport Authority (MKAA). The outlook is stable. The rating reflects our view of the following credit strengths: A historically strong liquidity position; Good airline diversity, with no carrier holding more than 30% of the market; and A location at the center of a stable and stable regional economy. We believe offsetting credit concerns include: Variable enplanement trends, including declines year-to-date in 2013; and High debt per enplanement; and Exposure to unhedged variable rate debt, although large cash balances mitigate this risk somewhat. The airport authority is responsible
