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 https://www.nashvilleairportbonds.com.