S&P: Minneapolis-St. Paul Metro Airports Commission, MN's Revenue Refunding Bonds Assigned 'AA-' And 'A+' Ratings
"The ratings are based on our view of the solid air trade area economy, as well as the airport's reasonable cost structure and stable financial performance; these factors are partially offset by the airport's market share concentration in Delta Air Lines," said S&P Global Ratings credit analyst Mary Ellen Wriedt.
The bonds are secured by the net revenues of the airport system. As of July 2016, MAC had approximately $644 million of senior-lien bonds outstanding and $603 million in subordinate-lien bonds outstanding. All long-term airport debt is fixed rate, and MAC has no derivative exposure.