Press Release|Public Finance

KBRA Affirms Miami-Dade County Aviation Revenue Bonds at AA-, Stable Outlook

16 Nov 2023   |   New York


KBRA affirms the long-term AA- rating, with a Stable Outlook assigned to outstanding Aviation Revenue Bonds issued by Miami-Dade County, FL ("the County").

The Miami-Dade Department of Aviation ("the Department" or "MDAD"), an enterprise fund of the County, operates Miami International Airport ("the Airport" or "MIA"), three general aviation airports, and a training airport. Aviation Revenue Bonds are special obligations of the the County, payable primarily from Net Revenues derived from the Department's operation of MIA.

Key Credit Considerations

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

Credit Positives

  • Large, growing air service are, anchored by the City of Miami, a vibrant center for tourism and trade.
  • Advantageous geographic location as an international gateway to the Caribbean and Latin America.
  • Healthy operating performance, liquidity and an effectively managed capital improvement plan.

Credit Challenges

  • High, though moderating, cost per enplanement and debt per enplanement ratios.
  • Some continued reliance on international traffic, which exposes MIA to foreign economic and health risks

Rating Sensitivities

For upgrade

  • Further strengthening of liquidity and debt service coverage, coupled with moderating leverage.

For downgrade

  • An unexpected, severe decline in passenger traffic that pressures operating performance and liquidity.
  • Issuance of additional debt not supported by a commensurate increase in resources available for repayment.

A Surveillance Report will follow.

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: 1002704

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