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Standard & Poor’s Global Ratings Upgrades Nashville International Airport’s (BNA®’s) Senior Lien Credit Rating to AA-

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February 13, 2023


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:

  • BNA’s robust air travel demand characteristics given its role as the dominant airport in the region and its large and expanding origin-and-destination demand base supported by the large, economically healthy, and expanding Nashville metropolitan statistical area;
  • MNAA’s financial resilience is evident in maintenance of financial metrics (S&P Global Ratings-calculated) consistent with a strong financial risk profile, despite experiencing some softening in demand from effects of the pandemic and increasing leverage; and
  • Very strong management and governance, as is evident in an experienced, proactive, and effective management team.

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