Press Release|Public Finance
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KBRA Affirms Miami-Dade County, FL Aviation Revenue Bonds at AA-, Positive Outlook

6 Feb 2026   |   New York

Contacts

KBRA affirms the long-term AA- rating for Miami-Dade County, FL outstanding Aviation Revenue Bonds for Miami International Airport (the Airport). The Outlook remains Positive.

The Airport’s approximately $5.1 billion of outstanding Aviation Revenue Bonds are special limited obligations of Miami-Dade County (the County), payable from the Net Revenues derived from the operation of the Airport. The County owns the Airport which is operated by the Miami-Dade Aviation Department.

Key Credit Considerations

The rating affirmation reflects the following key credit considerations:

Credit Positives

  • Large and growing air service area, anchored by the City in Miami, a vibrant center for tourism and trade.
  • Advantageous geographic location as an international gateway to Latin America and the Caribbean.
  • Healthy operating performance, liquidity and efficient management of a large capital improvement program (CIP).

Credit Challenges

  • Elevated debt metrics, which may be further pressured by future issuance of Aviation Revenue Bonds to fund the CIP.
  • Moderate, continued reliance on international traffic, which exposes MIA to economic and geopolitical risks.

Rating Sensitivities

For Upgrade

  • Further strengthening of liquidity and debt service coverage, coupled with moderating leverage.

For Downgrade

  • Issuance of additional debt without a commensurate rise in resources for its repayment.
  • An unexpected, severe decline in passenger traffic that pressures operating performance and liquidity

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013355