Summary: Miami-Dade County Miami International Airport; Airport

S&P Global Ratings raised 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). The outlook remains positive. The positive outlook indicates a one-in-three chance we could raise the rating during the outlook period, which typically spans two years, if we believe the passenger recovery trend and traffic are sustainable--supporting an improvement in the market position assessment to extremely strong--and if financial metrics remain at least adequate and consistent with a fully residual airport. The rating action reflects our view of MIA's positive enplanement trends that surpass pre-pandemic activity at 110% of 2019 levels this calendar year through May, reflected in an improvement in the market position

...+ S&P Global Ratings raised 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). + The outlook remains positive. + The positive outlook indicates a one-in-three chance we could raise the rating during the outlook period, which typically spans two years, if we believe the passenger recovery trend and traffic are sustainable--supporting an improvement in the market position assessment to extremely strong--and if financial metrics remain at least adequate and consistent with a fully residual airport. + The rating action reflects our view of MIA's positive enplanement trends that surpass pre-pandemic activity at 110% of 2019 levels this calendar year through May, reflected in an improvement in the market position and overall enterprise risk profile to very strong....

Summary