Summary: Miami-Dade County Miami International Airport; Airport

S&P Global Ratings assigned its 'A' long-term rating to Miami-Dade County's approximately $282 million aviation revenue bonds, series 2019A (AMT), and approximately $212 million aviation revenue refunding bonds, taxable series 2019B, issued for Miami International Airport (MIA). At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the county's aviation revenue bonds issued for MIA. The outlook is stable. The rating reflects our opinion of the airport's very strong enterprise risk profile and adequate financial risk profile. The rating also incorporates a one-notch positive adjustment, using a holistic analysis reflecting the financial and operational resilience of a large connecting hub airport with maintenance of financial performance and relatively high activity through a range

...S&P Global Ratings assigned its 'A' long-term rating to Miami-Dade County's approximately $282 million aviation revenue bonds, series 2019A (AMT), and approximately $212 million aviation revenue refunding bonds, taxable series 2019B, issued for Miami International Airport (MIA). At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the county's aviation revenue bonds issued for MIA. The outlook is stable. The rating reflects our opinion of the airport's very strong enterprise risk profile and adequate financial risk profile. The rating also incorporates a one-notch positive adjustment, using a holistic analysis reflecting the financial and operational resilience of a large connecting hub airport with maintenance of financial performance and relatively high activity through a range of economic conditions. This is despite competition from Fort Lauderdale International Airport (FLL) and a high airline cost structure and debt load. We believe...

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