KBRA Assigns AA Rating to Hillsborough County Aviation Authority, FL Tampa International Airport Revenue Bonds, 2024 Series B (AMT); Affirms Related Ratings
30 Julio 2024 - 10:47PM
Business Wire
KBRA assigns a long-term rating of AA to the Hillsborough County
Aviation Authority, FL Tampa International Airport Revenue Bonds,
2024 Series B (AMT). KBRA additionally affirms the long-term
ratings of AA for the Authority's outstanding Tampa International
Airport Revenue Bonds and the long-term rating of AA- for the
Authority's outstanding Tampa International Airport Subordinated
Revenue Bonds. The rating Outlook is Stable.
Key Credit Considerations
The rating actions reflect the following key credit
considerations:
Credit Positives
- Broad and growing air trade area economy and healthy population
growth support increasing demand for air travel, while the strictly
O&D nature of airport activity confers stability.
- Diverse carrier mix with existing airlines continuing to
strategically add new domestic and international routes, which is
supportive of continued enplanement growth.
- Airline costs are competitive.
Credit Challenges
- Multi-phase CIP entails significant additional borrowing.
- Somewhat less operational certainty created by a rates by
resolution framework, though TPA’s strong post-pandemic recovery,
diverse carrier mix, and economically robust air trade area serve
as mitigating factors.
Rating Sensitivities
For Upgrade
- Completion of capital program on time and within budget
accompanied by a continuation of the strong trend in passenger
enplanements observed in the several years preceding the
pandemic.
For Downgrade
- Cost overruns or delays associated with the large capital
improvement program.
- Trend of weakened liquidity levels and/or debt metrics.
To access rating and relevant documents, click here.
Methodologies
- Public Finance: U.S. General Airport Revenue Bond Rating
Methodology
- ESG Global Rating Methodology
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) is a full-service credit
rating agency 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 by the Ontario
Securities Commission for issuers of asset-backed securities to
file a short form prospectus or shelf prospectus. KBRA is also
recognized by the National Association of Insurance Commissioners
as a Credit Rating Provider.
Doc ID: 1005297
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Analytical Contacts
Peter Scherer, Senior Director (Lead Analyst) +1 646-731-2325
peter.scherer@kbra.com
Douglas Kilcommons, Managing Director +1 646-731-3341
douglas.kilcommons@kbra.com
Karen Daly, Senior Managing Director (Rating Committee Chair) +1
646-731-2347 karen.daly@kbra.com
Business Development Contacts
William Baneky, Managing Director +1 646-731-2409
william.baneky@kbra.com
James Kissane, Senior Director +1 646-731-2380
james.kissane@kbra.com