Press Release|Public Finance
KBRA Affirms Ratings for Tampa International Airport Revenue Bonds (AA) and Subordinated Revenue Bonds (AA-)
21 Feb 2024 | New York
KBRA affirms the long-term rating of AA for the Hillsborough County Aviation Authority's Tampa International Airport Revenue Bonds as well as the long-term rating of AA- for the Authority's Tampa International Airport Subordinated Revenue Bonds.
Key Credit Considerations
The rating actions reflect the following key credit considerations:
Credit Positives
- Broad and growing air trade area economy and healthy population growth support increasing demand for air travel, while the strictly O&D nature of airport activity confers stability.
- Diverse carrier mix with existing airlines continuing to strategically add new domestic and international routes, which is supportive of continued enplanement growth.
- Airline costs are competitive.
Credit Challenges
- Rates by resolution regime provides less operational certainty than adopted use and lease agreement.
Rating Sensitivities
For Upgrade
- Completion of capital program on time and within budget accompanied by a resumption of the strong trend in passenger enplanements observed in the several years preceding the pandemic.
For Downgrade
- Cost overruns or delays associated with the large capital improvement program.
- Trend of weakened liquidity levels and/or debt metrics.
To access rating and relevant documents, click here.