Summary: Austin, Texas; Airport

S&P Global Ratings affirmed its long-term rating of 'A' on Austin, Texas' airport revenue bonds outstanding and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. At the same time, S&P Global Ratings affirmed its rating on the city's hotel revenue bonds issued for the Austin-Bergstrom Landhost Enterprises Inc. (ABLE) at 'A-'. The outlook is negative. Austin Bergstrom International Airport (AUS), along with many other U.S. airports, was previously placed on CreditWatch to reflect the material negative impact of the COVID-19 pandemic on traffic levels, expected financial performance metrics, and overall credit quality. For more information, see "U.S. Airport Ratings Placed On CreditWatch Negative On Severe Passenger Declines And Weakening Credit Metrics,"

...S&P Global Ratings affirmed its long-term rating of 'A' on Austin, Texas' airport revenue bonds outstanding and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. At the same time, S&P Global Ratings affirmed its rating on the city's hotel revenue bonds issued for the Austin-Bergstrom Landhost Enterprises Inc. (ABLE) at 'A-'. The outlook is negative. Austin Bergstrom International Airport (AUS), along with many other U.S. airports, was previously placed on CreditWatch to reflect the material negative impact of the COVID-19 pandemic on traffic levels, expected financial performance metrics, and overall credit quality. For more information, see "U.S. Airport Ratings Placed On CreditWatch Negative On Severe Passenger Declines And Weakening Credit Metrics," published Aug. 7, 2020. A first lien on the system's net revenues secures the airport revenue bonds. Bondholders benefit from a cash-funded debt service reserve totaling approximately...

Summary