NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA- with a Stable outlook to the Miami-Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT), Series 2017C (Non-AMT), and Series 2017D (Taxable). In addition, KBRA has affirmed the AA- rating and Stable Outlook on the County’s outstanding aviation revenue bonds that are not supported by an external third-party credit agreement and are not double-barreled aviation revenue and general obligation bonds.
The airport revenue and revenue refunding bonds are special limited obligations of the county, payable solely from a pledge of the net revenues derived from the Port Authority’s properties (PAP), including the operation of the Miami International Airport (MIA), three general-aviation airports, one flight-training airport, and one decommissioned airport. The major components of the PAP are the terminals, grounds, runways, and taxiways. The security for the aviation revenue bonds does not include any mortgage or lien or any security interest in any of the PAP.
The rating is based on KBRA’s U.S. General Airport Revenue Bond Rating Methodology. In the process of assigning the rating, KBRA reviewed multiple sources of information and spoke with Aviation Department management.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
