Nov. 15, 2019

Rating Agencies Assign Strong Ratings, “Stable Outlook” to BNA Bonds

Favorable Assessments Cite Passenger Growth, Local Economy

NASHVILLE – Three of the nation’s top bond rating agencies, Kroll, Moody’s and Fitch, have assigned strong ratings to the Metropolitan Nashville Airport Authority’s (MNAA) Subordinate Airport Revenue Bonds Series 2019A (Non-AMT) & B (AMT) of up to $1 billion. The agencies further designated the outlook for the Bonds as “Stable.”

The Bonds will be used to fund a portion of the costs associated with MNAA’s extensive, multi-phased capital improvements program known as BNA Vision, which was designed to meet the growing travel demands of the region and position Nashville International Airport (BNA) for the future. BNA receives no local tax dollars.

In response to the impressive ratings and accompanying analyses, Nashville International Airport President and CEO Doug Kreulen issued the following statement: “As the reports make clear, the robust demand for both business and leisure travel stems largely from the strong underlying economic fundamentals and diverse sources of economic activity found in Middle Tennessee, including the health care industry, financial services, our many colleges and universities, conventions and tourism, and corporate relocations. The Airport Authority has worked hard to responsibly manage our financial resources and prepare for the expansion of BNA made necessary by this growth. We appreciate the strong fiduciary oversight of our Board of Commissioners and the validation reflected in these excellent bond ratings. Our future growth plans will lead to a bigger, better airport for Nashville, the fourteen-county region we serve and beyond.”

In connection with the issuance of the Bonds, MNAA launched an investor relations website that can be accessed at

Highlights include:

Rating: A+
Outlook: Stable
Key rating strengths include the region’s growing population and diversifying economy, strong passenger growth with no signs of abating and well-maintained BNA financial operations.

Rating: A2
Outlook: Stable (Additionally affirmed outstanding A1 rating on senior lien bonds)
Rating rationale includes strong BNA market position and the region’s strong demographic and economic fundamentals that drive passenger demand.

Rating: A
Outlook: Stable
Rating rationale includes the underlying strength of the region, which contributes to making BNA one of the fastest growing airports in the U.S.

BNA is one of the fastest growing airports in the U.S. and has set passenger records in each of the last six calendar years. It is expected to do so again in 2019, with projections showing total passenger traffic likely exceeding 18.3 million.

BNA Vision is a comprehensive expansion and renovation program launched in July 2016. Upon the completion of its first phase in 2023, BNA Vision will include a Parking and Transportation Center, a new Concourse D, an expanded central terminal lobby, a state-of-the-art International Arrivals Facility, an administrative office building and much more.

A recent study showed that in 2018 alone, BNA generated $7.1 billion in total economic impactto the Middle Tennessee economy. The economic impact study analyzed job creation, personal income growth, tax revenue generated, and other factors during the 2018 calendar year. Aviation activity at BNA generated the following:

  • 67,432 Tennessee jobs and $2.8 billion in personal income.

  • $6 billion of business revenue to firms providing goods and services at the airport and to the local visitor industry.

  • $168 million in state and local taxes and $224 million in federal aviation-specific taxes.

  • 4.4 million visitors arriving through BNA spent $2.9 billion in the greater Nashville area for food, lodging, entertainment, retail, transportation services, and more.

About Nashville International Airport®

As infrastructure critical to the region’s growth and prosperity, BNA is a vital asset for Middle Tennessee and serves as a gateway to Music City and beyond. According to a recent State of Tennessee study, in 2019 alone, BNA generated more than $9.9 billion total economic impact.  BNA supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars.

NASHVILLE INTERNATIONAL AIRPORT®, ®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.

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