...S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Austin, Texas' airport revenue bonds outstanding and raised its long-term rating to 'A' from 'A-' on the city's hotel revenue bonds issued for Austin-Bergstrom Landhost Enterprises Inc. (ABLE), which also benefits from surplus net airport revenues. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to Austin's proposed $382 million series 2022 airport system revenue bonds issued for Austin-Bergstrom International Airport (AUS). The outlook is stable. The upgrade reflects an improved enterprise risk profile because of continued robust air travel demand supported by an expanding and vibrant service area economy. Current estimates, which we consider reasonable, show AUS reaching 10 million enplanements in calendar 2022, up 18% from the 8.5 million enplanements reported for fiscal year ending Sept. 30, 2019, before the COVID-19 pandemic. The passenger traffic recovery at AUS in recent months has been strong,...
