City of St. Louis, MO – GARBS (St. Louis Lambert International Airport) Rating Report
Rating Summary
The rating reflects the economic breadth and diversity of the primary market area, anchored by the City of St. Louis (the city), which drives consistent demand for air service at St. Louis Lambert International Airport (the Airport, Lambert, or STL). Such demand allows reliable generation of Net Revenues, sound annual debt service coverage, and significant liquidity. Offsetting these strengths are the region’s modest population growth that limits opportunity to increase enplanement volume, the slightly elevated debt metrics with the issuance of the current bonds, and the expected undertaking of a significant capital program that may substantially increase debt levels relative to industry peers, although details regarding its scope and financing remain largely unknown.
Proceeds of the Series 2026 Bonds are expected to 1) finance elements of the Airport’s fiscal year (FY) 2027 – 2032 capital improvement plan (CIP) including a runway resurfacing project and planning…
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