Summary: Miami-Dade County Miami International Airport; Airport

S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on Miami-Dade County's aviation revenue bonds issued for Miami International Airport (MIA) and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. The outlook is negative. The ratings on MIA, along with the ratings on many other U.S. airports, had been placed on CreditWatch to reflect the material negative impact of the COVID-19 pandemic on traffic, 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 on RatingsDirect. Securing debt service on the bonds is net

...S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on Miami-Dade County's aviation revenue bonds issued for Miami International Airport (MIA) and removed the rating from CreditWatch, where it had been placed with negative implications on Aug. 7, 2020. The outlook is negative. The ratings on MIA, along with the ratings on many other U.S. airports, had been placed on CreditWatch to reflect the material negative impact of the COVID-19 pandemic on traffic, 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 on RatingsDirect. Securing debt service on the bonds is net revenue of the county's port authority properties, which substantially consist of MIA, three general aviation airports, and one training airport. MIA generates the majority of net revenue. At June 30, 2020, MIA...

Summary