Press Release|Public Finance

KBRA Assigns AA Rating with Stable Outlook for Dallas Fort Worth International Airport Joint Revenue Bonds

30 Jun 2023   |   New York


KBRA assigns the long-term rating of AA with a Stable Outlook for the Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Taxable Series 2023A, Joint Revenue Refunding and Improvement Bonds Series 2023B (Non-AMT), and Joint Revenue Refunding Bonds Series 2023C (AMT).

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

  • Strong management team has demonstrated an ability to effectively deal with the complexities of running a major U.S. airport.
  • Growing population and economic base support origin and destination (O&D) traffic.
  • Significant non-airline activity diversifies revenues and provides source of discretionary capital funding.

Credit Challenges

  • High debt levels on per enplanement basis.
  • High concentration of American Airlines as primary DFW carrier.
  • Connecting traffic is a significant component of overall enplanement activity.

Rating Sensitivities

For Upgrade

  • Ongoing population growth and strong local economic performance that results in O&D enplanement increases, and elevated rental car, parking, and concession revenues, as debt is amortized.
  • Timely completion of planned capital projects, with lower than anticipated related airline costs.

For Downgrade

  • While highly unlikely, the reduced importance of DFW as an American Airlines hub.
  • Debt metrics increase to levels significantly more than what is currently forecast.

To access rating and relevant documents, click here.


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