NASHVILLE, Tenn. (February 13, 2023) – On February 7, 2023, Standard & Poor’s Global Ratings (S&P) raised its long-term rating and underlying rating to “AA-” from “A+” on the Metropolitan Nashville Airport Authority’s (MNAA’s) senior-lien airport revenue bonds, with a stable financial outlook. The rating reflects S&P’s view of MNAA’s financial resilience and BNA’s robust air travel demand that they have deemed sustainable given limited competition and an expanding and vibrant service area economy.
MNAA has approximately $1.7 billion of debt outstanding, consisting of $787.2 million in senior-lien bonds and $919.5 million in subordinate-lien bonds (which S&P does not rate).
The rating action reflects S&P’s opinion of BNA’s improved market position, very strong enterprise risk profile, and strong financial risk profile and a one-notch positive holistic analysis adjustment. The positive rating additionally reflects: