Press Release|Public Finance

KBRA Affirms BBB+ Rating for Susquehanna Area Regional Airport Authority, PA Airport System Revenue Bonds

5 Nov 2026   |   New York

Contacts

KBRA affirms the long-term rating of BBB+ with a Stable Outlook for the Susquehanna Area Regional Airport Authority, PA Airport System Revenue Bonds.

Key Credit Considerations

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

Credit Positives

  • Stable and diversified local economy anchored by the capital of the Commonwealth.
  • Diverse carrier mix with stable O&D base.
  • Experienced management team with demonstrated ability to maintain balanced financial operations.

Credit Challenges

  • Very high debt levels.
  • Significant geographic competition due to proximity to major commercial airports, including airline hubs.
  • Vulnerability to airline decisions which may impact airport operations.

Rating Sensitivities

For Upgrade

  • Reduced leverage through continued debt amortization and limited future borrowing.
  • Sustained growth in passenger activity at MDT driven by a sustained increase in departing seats, fueled by economic development within the Airport’s primary service area leading to a higher base level of demand for air service.

For Downgrade

  • Withdrawal of an air carrier at MDT, including one of the three legacy carriers, which results in a permanent loss of enplanements and associated revenues.
  • Additional indebtedness without commensurate growth in sources of repayment and/or a trend of weakening liquidity.

To access ratings and relevant documents, click here.

Methodology

Disclosures

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1017885