Standard&Poor's Ratings Services has affirmed its 'A-' rating on the Public Building Authority of Sevier County, Tenn.'s Series II-D-1 local government public improvement bonds, issued on behalf of the Metropolitan Knoxville Airport Authority (MKAA). The outlook is stable. The rating reflects our view of the following credit strengths: A historically strong liquidity position; Good airline diversity, with no carrier holding more than 30% of the market; and A location at the center of a stable and stable regional economy. In our view, offsetting credit concerns include: Variable enplanement trends; High debt per enplaned passenger; and A significant exposure to unhedged variable-rate debt, at approximately 40% of the total. However, large cash balances mitigate this risk somewhat. The airport
