Press Release|Public Finance

KBRA Affirms AA- Rating for City of Austin, Texas (Austin-Bergstrom International Airport) Airport System Revenue Bonds

3 Apr 2024   |   New York


KBRA affirms the long-term rating of AA- with a Stable Outlook for the City of Austin, Texas (Austin-Bergstrom International Airport) Airport System Revenue Bonds.

Key Credit Considerations

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

Credit Positives

  • Vibrant underlying economy featuring large public institutions (State Capital, University of Texas) and a deep and diverse array of private sector employers that have and continue to make sizable investments in the area.
  • Established enplaned passenger growth trend.
  • Well-managed financial operations characterized by high debt service coverage and substantial liquidity.

Credit Challenges

  • Rapid passenger activity growth necessitates large capital program.
  • Large capital program entails construction risk.

Rating Sensitivities

For Upgrade

  • Completion and operation of facilities financed by the Airport Expansion and Development Program.

For Downgrade

  • Significant additional debt issuance beyond the scope of identified projects, that sharply increases debt metrics.

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: 1003812

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