Metro Washington Airports Authority Revenue Bonds Rated #AA-#

Stocks and Financial Services Press Releases Tuesday May 22, 2018 09:46
BOSTON--22 May--S&P Global Ratings

BOSTON (S&P Global Ratings) May 21, 2018--S&P Global Ratings assigned its 'AA-' long-term rating to Metropolitan Washington Airports Authority (MWAA), D.C.'s $612 million series 2018 AMT airport system revenue and revenue refunding bonds using its U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises criteria. At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the MWAA's existing bonds with total short and long-term debt outstanding of $4.7 billion. The outlook is stable.

We also affirmed our ratings on the authority's various variable-rate bonds secured by letters of credit (LOCs) that benefit from the application of our joint support criteria, which incorporates both the LOC bank provider rating and our underlying rating on the authority, assuming low correlation.

"The ratings on MWAA reflects our opinion of the airport system's extremely strong enterprise risk profile and strong financial risk profile," said S&P Global Ratings analyst Kurt Forsgren.

MWAA is expected to use series 2018A bond proceeds to finance a portion ($199.5 million) of the costs to complete various airport capital improvement projects, refund $159.6 million in series 2008A bonds and $254.2 million in series 2009C bonds, plus fund capitalized interest and a debt service reserve deposits.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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