OREANDA-NEWS. Three of America's leading bond rating agencies have affirmed Miami International Airport's strong financial health, assigning "A" and "AA-" ratings and stable outlooks to the Miami-Dade Aviation Department's \\$538 million Series 2015 A&B aviation revenue refunding bonds series, as well as to the Department's outstanding USD 5.57 billion aviation revenue bonds. Fitch Ratings and Standard & Poor's Ratings Services (S&P) each assigned "A" ratings and stable rating outlooks, while Kroll Bond Rating Agency (KBRA) assigned a "AA-" rating and stable outlook.

"Once again, Miami International Airport's financial strength has been confirmed by three highly respected organizations," said Miami-Dade County Mayor Carlos A. Gimenez. "Congratulations to the entire management team at the Miami-Dade Aviation Department for keeping our community's economic engine on firm financial footing."

The agencies based their favorable ratings on a number of factors, including:
• MIA's position as the leading hub for Latin America and the Caribbean;
• Sustained passenger growth over the past several years;
• A well-balanced passenger base, featuring comparable levels of international and domestic travelers, as well as a positive ratio of origin & destination travelers to connecting passengers;
• On-budget completion of major capital improvement projects; and,
• Growing non-aviation revenues, which are driven largely by airport concessions and help to offset airline landing fees

Standard & Poor's noted that "from 2007 to 2014, [MIA] reported the third-largest percentage increase in passengers among the 30 largest U.S. airports."

During that time period, "international enplaned passengers increased 31.5%, outpacing the national average of 16.9%." KBRA cited MIA's "very capable management team," which has "effectively integrated County policies and procedures that support well-maintained operations." Fitch Ratings added that "Miami's leading role for international operations is not only relevant for passenger operations but for air cargo as well."