Press Release|Public Finance
View PDF

KBRA Affirms Metropolitan Nashville Airport Authority's Senior Lien GARBs at AA-, Sub Lien at A+; Stable Outlook

29 Oct 2025   |   New York

Contacts

KBRA affirms the long-term ratings of AA- and A+ on the Metropolitan Nashville Airport Authority's (the "Authority's") Senior Airport Improvement Revenue Bonds (GARBs) and Subordinate GARBs, respectively. The Outlook on all debt is Stable. The Authority was created in 1970 pursuant to State statute, with the primary purposes of operating, financing, and developing the Nashville International Airport ("BNA") and John C. Tune Airport, a general aviation reliever airport.

Key Credit Considerations

The rating is affirmed because of the following key credit considerations:

Credit Positives

  • Strong air service demand, supported by a growing population and expanding, vibrant economy with a large institutional presence (state capital, higher education and health care).
  • Established trend of strong enplaned passenger growth.
  • Well-maintained financial operations, characterized by abundant coverage and considerable liquidity.

Credit Challenges

  • Large, growth-driven, multi-year capital plan with inherent construction, implementation and completion risks.
  • Considerable rise in outstanding debt to support capex, increasing the fixed cost component of the financial structure and debt metrics.

Rating Sensitivities

For Upgrade

  • Significant progress in meeting capital program milestones within budget and with limited impact on debt and financial metrics.

For Downgrade

  • Secular decline in enplaned passenger activity.
  • Significant debt issuance beyond the scope of identified projects, that sharply increases debt metrics.

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: 1012030