Susquehanna Area Regional Airport Authority, PA – GARBs (Harrisburg International Airport) Surveillance Report
Rating Summary
The rating for the Susquehanna Area Regional Airport Authority (the Authority or SARAA) reflects the strength and economic diversity of the air trade area, anchored by the capital of the Commonwealth of Pennsylvania; a moderately diverse carrier mix; a recent trend of record passenger activity; and an experienced management team which has prioritized maintaining the Airport’s financial resiliency. Counterbalancing the aforementioned strengths is the Airport’s continued very high leverage relative to operations and the significant competition faced from larger, nearby airports, including major airline hubs. In KBRA’s view, these competitive dynamics expose SARAA’s operations to airline network decisions to reduce or eliminate service, especially during periods of economic stress.
Airport System Revenue Bonds (“Bonds”) are secured by a net revenue pledge of the Authority’s Airport System. The Authority owns and operates four airports, of which MDT is the largest and only…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.