Press Release|Public Finance

KBRA Affirms AA Rating with a Stable Outlook for Fort Wayne-Allen County Aviation Authority’s GO Bonds

12 Mar 2024   |   New York


KBRA affirms the long-term rating of AA with a Stable Outlook for the Fort Wayne-Allen County Aviation Authority’s General Obligation Bonds.

A surveillance report will follow.

Key Credit Considerations

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

Credit Positives:

  • General obligation pledge with stable and growing tax base provides strong source of bond repayment.
  • Sizable unrestricted reserves, moderately low leverage, and ongoing tax support position the airport well to weather any further volatility or delays in air traffic’s recovery from the pandemic.

Credit Challenges:

  • Economic downturn accompanied by property tax base decline may reduce revenues available for operations.
  • Practical limitations on levying for operating and maintenance needs under Indiana’s Circuit Breaker Tax Credit construct.

Rating Sensitivities

For upgrade

  • Acceleration of growth and diversification of the District’s economic base.

For downgrade

  • Population loss and tax base erosion.
  • Significant deterioration in unrestricted reserves and liquidity.


To access rating and relevant documents, click here.



A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003488

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