S&P Global Ratings affirmed its 'A-' on St. Louis Regional Airport Authority, Ill.'s general obligation (GO) debt certificates. The outlook is stable. The rating on the debt certificates reflects the limited nature of the security, which consists of legally available funds without authority to levy an ad valorem tax for debt service. The rating also reflects our view of the district's: Participation in the broad and diverse St. Louis metropolitan area economy; Good income levels and adequate market value per capita; The ability to levy additional property taxes to support operations; Adequate reserves following the spending down of debt proceeds for capital projects; and Low overall debt burden with no additional debt plans. Partly offsetting these factors are the district's:
