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.



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: 1002627

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