{"id":10021,"date":"2026-05-22T03:06:00","date_gmt":"2026-05-22T01:06:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=27f204a5f997f780a894ea9eb5777d5d"},"modified":"2026-05-22T03:06:00","modified_gmt":"2026-05-22T01:06:00","slug":"kbra-assigns-aa-rating-to-miami-dade-county-fl-aviation-revenue-refunding-bonds-outlook-positive","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=10021","title":{"rendered":"KBRA Assigns AA- Rating to Miami-Dade County, FL Aviation Revenue Refunding Bonds; Outlook Positive"},"content":{"rendered":"<p>NEW YORK--(BUSINESS WIRE)--<a href=\"https:\/\/twitter.com\/hashtag\/creditratingagency?src=hash\" >#creditratingagency<\/a>--KBRA assigns a long-term AA- rating to Miami-Dade County (the County), Florida, Aviation Revenue Refunding Bonds, Series 2026A (AMT) and Aviation Revenue Refunding Bonds Series 2026B (Non-AMT) issued for Miami International Airport (MIA). Concurrently, KBRA affirms the AA- rating on the County's approximately $5.1 billion Aviation Revenue Bonds outstanding. The Outlook remains Positive.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260521843062\/en\/2812869\/5\/kbra-logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260521843062\/en\/2812869\/22\/kbra-logo.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260521843062\/en\/2812869\/5\/kbra-logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260521843062\/en\/2812869\/21\/kbra-logo.jpg\" \/><\/a><p>\nProceeds of the Series 2026 Bonds will be used to refund certain outstanding Aviation Revenue Bonds, fund the required deposit to the debt service reserve fund (if necessary), and pay the costs of issuance including the premium for a bond insurance policy (if necessary). The Series 2026 Bonds will be issued on parity with the Airport\u2019s approximately $5.1 billion of outstanding Aviation Revenue Bonds. Aviation Revenue Bonds are special limited obligations of the County, payable from the Net Revenues derived from the operation of MIA.<\/p><p>\n<strong>Key Credit Considerations<\/strong><\/p><p>\nCredit Positives<\/p><ul class=\"bwlistsquare\">\n<li>\nLarge and growing air service area, anchored by the City of Miami, a vibrant center for tourism and trade.<\/li>\n<li>\nAdvantageous geographic location as an international gateway to Latin America and the Caribbean.<\/li>\n<li>\nHealthy operating performance, liquidity and efficient management of a large capital improvement program (CIP).<\/li>\n<\/ul><p>\nCredit Challenges<\/p><ul class=\"bwlistsquare\">\n<li>\nElevated debt metrics, which may be further pressured by future borrowing to fund the CIP.<\/li>\n<li>\nModerate, continued reliance on international traffic, which exposes MIA to economic and geopolitical risks.<\/li>\n<li>\nPotential for increased competition should a better capitalized carrier establish a meaningful connecting hub at nearby Fort Lauderdale \u2013 Hollywood International Airport after the demise of Spirit Airlines.<\/li>\n<\/ul><p>\n<strong>Rating Sensitivities<\/strong><\/p><p>\nFor Upgrade<\/p><ul class=\"bwlistsquare\">\n<li>\nFurther strengthening of liquidity and debt service coverage, coupled with moderating leverage.<\/li>\n<\/ul><p>\nFor Downgrade<\/p><ul class=\"bwlistsquare\">\n<li>\nIssuance of additional debt without a commensurate rise in resources for its repayment.<\/li>\n<li>\nAn unexpected, severe decline in passenger traffic that pressures operating performance and liquidity.<\/li>\n<\/ul><p>\nTo access ratings and relevant documents, click <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fissuers%2F50255%2Fissuer-ratings&amp;esheet=54540530&amp;newsitemid=20260521843062&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=3816a11002702e69f6ad9a51da22e6f9\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\n<strong>Methodology<\/strong><\/p><ul class=\"bwlistsquare\">\n<li>\n<a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FvVHnzBrD&amp;esheet=54540530&amp;newsitemid=20260521843062&amp;lan=en-US&amp;anchor=Public+Finance%3A+U.S.+General+Airport+Revenue+Bond+Rating+Methodology&amp;index=2&amp;md5=7d3d4e967c7c0c27dc466f7a22d46a49\" rel=\"nofollow\" shape=\"rect\">Public Finance: U.S. General Airport Revenue Bond Rating Methodology<\/a><\/li>\n<\/ul><p>\n<strong>Disclosures<\/strong><\/p><p>\nA 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Fissuers%2F50255%2Fdisclosures&amp;esheet=54540530&amp;newsitemid=20260521843062&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=994ae9a5a2594bc5ee44c5b02a6b6ea7\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\nInformation on the meaning of each rating category can be located <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&amp;esheet=54540530&amp;newsitemid=20260521843062&amp;lan=en-US&amp;anchor=here&amp;index=4&amp;md5=e36621e9f9c204affc8404be6c7a47b1\" rel=\"nofollow\" shape=\"rect\">here<\/a>.<\/p><p>\nFurther 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kbra.com&amp;esheet=54540530&amp;newsitemid=20260521843062&amp;lan=en-US&amp;anchor=www.kbra.com&amp;index=5&amp;md5=74fd867dfb8699eed12f6a36dfdcfe38\" rel=\"nofollow\" shape=\"rect\">www.kbra.com<\/a>.<\/p><p>\n<strong>About KBRA<\/strong><\/p><p>\nKroll 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\u2019s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.<\/p><p>\nDoc ID: 1015105<\/p><br\/> <b>Contacts<\/b> <br\/><p>\n<strong>Analytical Contacts<\/strong><\/p><p>\nPeter Stettler, Senior Director (Lead Analyst)\n<br\/>+1 312-680-4170\n<br\/><a  href=\"mailto:peter.stettler@kbra.com\" rel=\"nofollow\" shape=\"rect\">peter.stettler@kbra.com<\/a><\/p><p>\nLinda Vanderperre, Managing Director\n<br\/>+1 646-731-2482\n<br\/><a  href=\"mailto:linda.vanderperre@kbra.com\" rel=\"nofollow\" shape=\"rect\">linda.vanderperre@kbra.com<\/a><\/p><p>\nDouglas Kilcommons, Managing Director (Rating Committee Chair)\n<br\/>+1 646-731-3341\n<br\/><a  href=\"mailto:douglas.kilcommons@kbra.com\" rel=\"nofollow\" shape=\"rect\">douglas.kilcommons@kbra.com<\/a><\/p><p>\n<strong>Business Development Contacts<\/strong><\/p><p>\nWilliam Baneky, Managing Director\n<br\/>+1 646-731-2409\n<br\/><a  href=\"mailto:william.baneky@kbra.com\" rel=\"nofollow\" shape=\"rect\">william.baneky@kbra.com<\/a><\/p><p>\nJames Kissane, Senior Director\n<br\/>+1 646-731-2380\n<br\/><a  href=\"mailto:james.kissane@kbra.com\" rel=\"nofollow\" shape=\"rect\">james.kissane@kbra.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;#creditratingagency&#8211;KBRA assigns a long-term AA- rating to Miami-Dade County (the County), Florida, Aviation Revenue Refunding Bonds, Series 2026A (AMT) and Aviation Revenue Refunding Bonds Series 2026B (Non-AMT) issued for &#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10021","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/10021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10021"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/10021\/revisions"}],"predecessor-version":[{"id":10022,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/10021\/revisions\/10022"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}