S&P Global Ratings affirmed its 'A-' rating on Sevier County Public Building Authority, Tenn.'s series II-D-1 local government public improvement bonds, issued for the Metropolitan Knoxville Airport Authority (MKAA). The outlook is stable. The rating reflects our view of the following credit strengths: A strong financial profile bolstered by strong debt service coverage (DSC) and an exceptionally strong liquidity position, along with our expectation that financial metrics will be sustained near current levels; Good airline diversity, with no carrier holding more than 30% of the market at McGhee Tyson Airport (TYS); and A location at the center of a broad, diverse, and stable regional economy, which lends to our expectation that enplanement trends will be stable over the long term.
