NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- with a stable outlook to Airport Bonds in Salt Lake City, Utah (Salt Lake City International Airport), Series 2021A (AMT) and Series 2021B ( non-AMT). The outlook is stable.
The strength of the SLC Air Service Area (ASA); favorable boarding trends, including a post-pandemic resumption of traffic that has overtaken many US airports; and historically low debt levels underpin the rating. Offsetting the aforementioned strengths, the airport relies on traffic generated by Delta Air Lines (Delta) and its regional subsidiaries, although Delta has recently reaffirmed its commitment to the airport given its strategic importance to Delta’s domestic network. Although the leverage associated with the new SLC results in increased costs and debt per boarded passenger once program funding is fully implemented, the levels remain competitive, particularly against airports of size and profile. similar.
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Disclosures
Further information on key credit considerations, sensitivity analyzes which examine the factors that may affect these credit ratings and how they could lead to an improvement or a downgrade, and ESG factors (when they are a key factor in changing credit rating or rating outlook) can be found in the full appraisal report referenced above.
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Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA’s 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 United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.