Miami International Airport’s $923.5 million revenue refunding bonds assigned ‘A+’ rating

S&P Global Ratings assigned its 'A+' long-term rating to Miami-Dade County's approximately $782.4 million series 2024A (AMT) aviation revenue refunding bonds and approximately $141.1 million series 2024B (non-AMT) aviation revenue refunding bonds issued for Miami International Airport (MIA).

At the same time, we affirmed our 'A+' long-term rating and underlying rating (SPUR) on the airport's aviation revenue bonds outstanding.

The outlook is stable.

Proceeds from the series 2024A and 2024B bonds will refund maturities outstanding from the series 2014, 2014A, and 2014B bonds to lower overall debt service costs with no extension of the original maturity dates.

"The rating reflects our view of MIA's role as one of the largest airports in the U.S. for international passenger traffic and as a strategic hub for American Airlines, large and economically healthy origin-and-destination market, very strong management and governance, and adequate liquidity position," said S&P Global Ratings credit analyst Nora Wittstruck.

The stable outlook reflects our view of MIA's robust activity and demand that outpaces pre-pandemic trends as well as its growth compared with that of large hub peers.