Press Release|Public Finance
KBRA Affirms AA Rating with Stable Outlook for Fort Wayne-Allen County Airport Authority, IN - G.O.
13 Mar 2025 | New York
KBRA affirms the long-term rating of AA with a Stable Outlook for Fort Wayne-Allen County Airport Authority's General Obligation Bonds.
Key Credit Considerations
The rating was affirmed because of the following key credit considerations:
Credit Positives
- General obligation pledge with stable and growing tax base provides strong source of bond repayment.
- Sizable unrestricted reserves, moderately low leverage, and ongoing tax support, position the airport well to weather exogenous shocks and other macro events.
Credit Challenges
- Economic downturn accompanied by property tax base erosion that may reduce revenues available for operations.
- Practical limitations on levying for operating and maintenance needs under Indiana’s Circuit Breaker Tax Credit construct.
Rating Sensitivities
For Upgrade
- Acceleration of growth and diversification of the District’s economic base.
For Downgrade
- Population loss coupled with tax base erosion that negatively impacts property tax revenue.
- Significant deterioration in unrestricted reserves and liquidity.
- Escalation in leverage such that debt ratios weaken.
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