Fitch Ratings and Standard & Poor’s Ratings Services (S&P) have both assigned “A” ratings and stable outlooks to the Miami-Dade Aviation Department’s series 2014 aviation revenue refunding bonds, as well as the department’s $5.74 billion aviation revenue bonds.
Miami-Dade County Mayor, Carlos A. Gimenez, explains: “Congratulations to the aviation department’s management team for keeping MIA, our community’s top economic engine, on a steady financial course.”
Fitch and S&P based their favourable ratings on several factors, including MIA’s position as the Gateway of the Americas, sustained passenger growth over the past several years, a well-balanced passenger base, and on-budget completion of major capital improvement projects.
Other key factors highlighted include MIA’s growing non-aviation revenues, driven largely by airport concessions and help to offset airline landing fees, and the airport management team’s successful containment of operating costs.
In their assessment, Fitch Ratings noted MIA “stands out as one of the nation’s strongest international gateway airports with a dominant position for Latin American and Caribbean air services.”
S&P added that “unlike most airports, MIA has experienced…generally good enplanement trends in the past few years. More specifically, from 2007-2013, growth in the number of domestic enplaned passengers outpaced both national growth and the growth at Fort Lauderdale International Airport.”
Miami-Dade aviation director, Emilio T. González, says: “Business at MIA is clearly moving in the right direction, and our healthy bond ratings are a direct indicator of that trend.
“That said, our management team remains focused on growing non-aeronautical revenues to offset costs to our airline partners, as well as on adding new routes and carriers to our network to best serve our customers.”