Press Release|Public Finance

KBRA Assigns AA+ Rating with Stable Outlook for the City of Atlanta, GA GARBs and PFC Hybrid Bonds 2023 Issuance

31 Jul 2023   |   New York


KBRA assigns the long-term rating of AA+ with a Stable Outlook for the City of Atlanta, GA Airport General Revenue Bonds, Series 2023B (Non-AMT) and Series 2023C (AMT), Airport Passenger Facility Charge and Subordinate Lien General Revenue Bonds, Series 2023D (Non-AMT) and Series 2023E (AMT), and Airport General Revenue Refunding Bonds, Series 2023F (Non-AMT) and Series 2023G (AMT).

Key Credit Considerations

Credit Positives

  • Growing population and economic base, and favorable location and facilities support Delta’s primary hub, and underpins ATL’s position as busiest airport in the world.
  • Highly effective management team that implemented initiative-taking measures and steered the Airport through the COVID-19 pandemic.
  • Favorable metrics feature an extremely competitive CPE and elevated coverage of General Revenue and Hybrid PFC Bond debt service.

Credit Challenges

  • High carrier concentration with Delta representing more than 80% of enplaned passengers.
  • Connecting traffic is a significant component of overall enplanement activity.
  • Large capital program has associated execution and construction risk.

Rating Sensitivities

For Upgrade

  • Timely, and on-budget completion of planned capital projects with debt and financial metrics exceeding the base forecast.

For Downgrade

  • While a highly remote prospect, reduced importance of ATL as Delta’s primary hub.

To access rating and relevant documents, click here.


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