The long-term ratings continue to reflect Tampa International Airport’s (TPA’s or the Airport’s) stable origin and destination (O&D) market position, the favorable economic and demographic characteristics of the service area, and expenditure controls that have contributed to relatively low airline costs, sound debt service coverage, and robust liquidity levels. Offsetting the aforementioned strengths are the size, scope and complexity of TPA’s multi-year capital improvement plan (CIP), significant portions of which will be debt financed, and reliance on a rates by resolution framework, which introduces somewhat less operational certainty than a more traditional, longer-term use and lease agreement. Importantly, KBRA notes that the economic strength of TPA’s air trade area and the diversity of carriers serving the Airport help to offset typical concerns regarding use of an annual, resolution-based rate setting regime.
Senior Lien Airport Revenue Bonds are secured by a…
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.