Press Release|Public Finance

KBRA Affirms Ratings for Metropolitan Nashville Airport Authority Airport Improvement Revenue Bonds (Senior Lien) at AA- and Subordinate Airport Revenue Bonds at A+, with a Stable Outlook

3 Nov 2023   |   New York


Kroll Bond Rating Agency (KBRA) affirms the long-term rating of AA- with a Stable Outlook and the long-term rating of A+ with a Stable Outlook, respectively, to the Metropolitan Nashville Airport Authority Airport Improvement Revenue Bonds and Subordinate Airport Improvement Revenue Bonds.

A surveillance report will follow.

Key Credit Considerations

The ratings were affirmed because of the following key credit considerations:

Credit Positives

  • Growing population and expanding economy, with a large institutional presence (state capital, higher education, health care) and significant private sector investment and corporate relocations.
  • Established, robust enplaned passenger growth trend has resumed following the pandemic.
  • Well-maintained financial operations characterized by abundant coverage and considerable liquidity.

Credit Challenges

  • Large, planned capital program; entails milestone and completion risk.
  • Sharp rise in outstanding debt is likely to increase fixed cost component of the financial structure.

Rating Sensitivities

For Upgrade

  • Significant progress in meeting capital program milestones within budget and with limited impact on debt and financial metrics.
  • Secular decline in enplaned passenger activity.

To access rating and relevant documents, click here.


805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2023 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.