Miami-Dade County, FL – GARBs (Miami International Airport) Rating Report

Rating Summary

The Outlook remains Positive reflecting Miami International Airport’s (MIA or the Airport) improving financial profile, underpinned by sustained growth in domestic and international passenger traffic as well as cargo activity. MIA continues to outperform many of its large hub peers, particularly in the sunbelt, with passenger levels reaching record levels in the immediate, post-pandemic environment. Upward rating migration is dependent on the Airport’s ability to successfully implement and fund subsequent phases of its large multi-year capital plan while maintaining financial flexibility and airline costs in-line with forecasted levels.

The long-term rating continues to reflect the Airport’s large and growing air service area, anchored by the City of Miami (the City); MIA’s long-standing role as the leading U.S. gateway to Latin America and the Caribbean; the continued expansion of domestic and international service by a diverse mix of air carriers; and the Miami-Dade…