Summary: Miami-Dade County   Miami International Airport; Airport - S&P Global Ratings’ Credit Research

Summary: Miami-Dade County Miami International Airport; Airport

Summary: Miami-Dade County   Miami International Airport; Airport - S&P Global Ratings’ Credit Research
Summary: Miami-Dade County Miami International Airport; Airport
Published Oct 19, 2021
7 pages (3236 words) — Published Oct 19, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings revised the outlook to positive from stable on Miami-Dade County's aviation revenue bonds issued for Miami International Airport (MIA) and affirmed the 'A-' long-term rating and underlying rating (SPUR) on the debt. The outlook revision reflects MIA's recent positive enplanement trends that have exceeded S&P Global Ratings' updated activity recovery estimates, with May, June, July, and August 2021 monthly total passengers at approximately 88%, 93%, 98%, and 89% of May-August 2019 levels, sequentially. There is a one-in-three chance we could raise the rating during the outlook period, which typically spans two years, if we believe the current passenger recovery trend and traffic levels are sustainable--supporting an improved market position assessment--and financial metrics remain at least adequate and

  
Brief Excerpt:

...S&P Global Ratings revised the outlook to positive from stable on Miami-Dade County's aviation revenue bonds issued for Miami International Airport (MIA) and affirmed the 'A-' long-term rating and underlying rating (SPUR) on the debt. The outlook revision reflects MIA's recent positive enplanement trends that have exceeded S&P Global Ratings' updated activity recovery estimates, with May, June, July, and August 2021 monthly total passengers at approximately 88%, 93%, 98%, and 89% of May-August 2019 levels, sequentially. There is a one-in-three chance we could raise the rating during the outlook period, which typically spans two years, if we believe the current passenger recovery trend and traffic levels are sustainable--supporting an improved market position assessment--and financial metrics remain at least adequate and consistent with a fully residual airport, incorporating enhanced financial flexibility and credit stability provided by $160 million in federal pandemic operating relief...

  
Report Type:

Summary

Issuer
Miami Intl Arpt
Sector
Global Issuers, Public Finance, Structured Finance
Country
Region
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Miami-Dade County Miami International Airport; Airport" Oct 19, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Miami-Dade-County-Miami-International-Airport-Airport-2740586>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Miami-Dade County Miami International Airport; Airport Oct 19, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Miami-Dade-County-Miami-International-Airport-Airport-2740586>
  
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