Standard&Poor's Ratings Services has assigned its 'A-' rating to the Public Building Authority of Sevier County, Tennessee's Series II-D-1 and Series III-A local government public improvement bonds, issued on behalf of the Metropolitan Knoxville Airport Authority. The outlook is stable. The rating reflects a small-hub airport with fluctuating recent enplanement trends, a degree of variable rate exposure, and strong liquidity with manageable additional debt needs. Credit strengths include: A historically strong liquidity position, ending fiscal 2007 with about $31.9 million in unrestricted cash and investments, or more than 760 days' cash on hand; Good airline diversity, with no carrier holding more than 30% of the market, an improvement from a single carrier holding more than 40% in 2003;
