The long-term rating reflects Monterey Regional Airport’s (MRY’s or the “Airport’s”) solid growth in passenger traffic, sound financial performance, characterized by healthy liquidity and limited outstanding debt, and a history of implementing adequate rates and charges to recover costs. Additionally, MRY’s management has a long-standing, collaborative relationship with the Airport’s commercial and general aviation service providers, who remain supportive of MRY’s capital plans. The Airport is owned and operated by Monterey Peninsula Airport District, CA (MPAD or the “District”), a special district of the State of California (the “State”).
Offsetting these strengths is the District’s large capital improvement plan ("CIP", $200.6 million through FY 2032) which will considerably increase leverage. In addition, while MRY’s enplanement base is growing, it is still small and remains susceptible to air carrier business model and/or air service changes. The air trade area…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.