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Fitch affirms ‘A’ rating for Airport Authority

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Rating outlook remains stable

MEMPHIS, Tenn. (September 25, 2017) – Fitch Ratings has affirmed the Memphis-Shelby County Airport Authority’s (MSCAA’s) ‘A’ rating on the authority’s outstanding $282 million general airport revenue bonds (GARBs). The Airport Authority’s outlook remained stable.

Fitch cited a number of factors that contributed to the rating, including Memphis International Airport’s nearly 100 percent origin and destination (O&D) traffic base, carrier diversification, sound financial operations, and the presence of FedEx’s massive cargo operations.

The ratings agency also cited the airport’s enplanement growth of 13.4 percent over the past two years, growing to 2.04 million in Fiscal Year 2017.

“Our finance staff has worked tirelessly to maintain the Airport Authority’s solid financial foundation, and in doing so, has helped position our airport for a very bright future,” said Scott Brockman, MSCAA President and CEO.

The Airport Authority has retired almost $300 million in long-term debt over the last 11 years and also maintains strong credit ratings from Moody’s Investor Service (A3/Stable) and Standard and Poor’s (A-/Stable).

Fitch’s news release: https://www.fitchratings.com/site/pr/1028941