Press Release|Public Finance

KBRA Affirms AA Rating on the Greater Orlando Aviation Authority, FL Airport Facilities Revenue Bonds; Outlook is Stable

18 Jan 2024   |   New York


KBRA affirms the long-term rating of AA on the Greater Orlando Aviation Authority's (GOAA's) Airport Facilities Revenue Bonds. The Outlook is Stable.

Key Credit Considerations

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

Credit Positives

  • Steady historical growth and resilient post-pandemic recovery in passenger traffic supported by MCO’s unique market position as a premier global tourist destination and its rapidly expanding population and resource base.
  • Mainly O&D passenger base with highly diverse airline mix.
  • Sound financial operations, with significant funding derived from non-airline sources. CPE remains low and liquidity is ample.

Credit Challenges

  • The largely discretionary nature of the air service market makes MCO more susceptible to exogenous shocks, though growth and diversification of the service area economy continues.
  • Projected issuance of $1.09 billion of additional Senior Lien GARB and PFC-supported debt over the next two fiscal years, potentially leading to significant declines in Senior Lien DSC.

Rating Sensitivities

For Upgrade

  • Realization of forecasted enplanement growth with accompanying strong revenue performance and continued diversification of non-aviation funding streams.

For Downgrade

  • Trend of diminished liquidity levels and/or debt metrics.
  • Persistent, severe declines in passenger traffic that pressure operating performance and liquidity.

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: 1003027

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