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KBRA Affirms Greater Orlando Aviation Authority Airport Facilities Revenue Bonds at AA+; Priority Subordinate Airport Facilities Revenue Bonds at AA; Outlook Stable

18 Nov 2025   |   New York

Contacts

KBRA affirms the long-term rating of AA+ on the Greater Orlando Aviation Authority Airport Facilities Revenue Bonds (Senior Lien). Concurrently, KBRA affirms the long-term rating of AA on the Authority's Priority Subordinated Airport Facilities Revenue Bonds. The Outlook on both liens is Stable.

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

  • Strong enplanement growth, supported by MCO’s established tourism market and vibrant MSA.
  • A predominantly origin and destination passenger base, with a highly diversified airline mix.
  • Strong financial operations, highlighted by diverse revenues, ample liquidity and competitive airline costs.

Credit Challenges

  • Additional debt tied to the FY 2025-2030 CIP may pressure the Authority’s debt burden and CPE.
  • Vulnerability of the CIP – especially outer year projects – to inflationary pressures, potential constraints on external federal funding, and the declining real value of the $4.50 PFC.
  • Predominantly discretionary, leisure-oriented nature of air service demand at MCO, though this risk has moderated, in our view, with continued service area growth and diversification.

Rating Sensitivities

For Upgrade

  • Realization of forecasted enplanement growth with accompanying strong revenue performance and continued diversification of non-aviation funding streams.

For Downgrade

  • Trend of diminished liquidity levels and/or debt metrics.
  • Persistent, severe declines in passenger traffic that pressure operating performance and liquidity.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012359