OREANDA-NEWS. S&P Global Ratings assigned its 'AA-' long-term rating to the Minneapolis-St. Paul Metro Airports Commission (MAC), Minn.'s series 2016A senior airport revenue refunding bonds, issued for the Minneapolis-St. Paul International Airport, as well as its 'A+' long-term rating to the MAC's series 2016B subordinate airport revenue refunding bonds. In addition, S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the MAC's senior-lien bonds outstanding and its 'A+' long-term rating and SPUR on the MAC's subordinate-lien bonds outstanding. The outlook is stable.

"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.