KBRA Assigns Miami-Dade County Aviation Revenue Bonds AA-, Outlook Revised to Positive

KBRA assigns a long-term rating of AA-, with a Positive Outlook to the Miami-Dade County Aviation Revenue Bonds, Series 2025A (AMT), Series 2025B (Non-AMT) and Series 2025C (Taxable). In addition, KBRA affirms the long-term rating of AA- assigned to outstanding Aviation Revenue Bonds and revises the Outlook to Positive from Stable. As of October 1, 2025, approximately $4.5 billion of Aviation Revenue Bonds were outstanding.

The Positive Outlook reflects Miami International Airport’s (MIA’s or the “Airport’s”) improving financial profile, underpinned by continuing, very strong growth in domestic and international passenger traffic. MIA remains an outlier among many of its large hub peers, particularly in the sunbelt, as it has sustained, if not improved upon, the record enplanement levels experienced in the immediate, post-pandemic environment. Should the Airport successfully implement and fund subsequent phases of its already large ($7.5 billion), and expected to grow, multi-year capital plan, and maintain financial flexibility and airline costs in-line with forecasted levels, upward rating action may be warranted.

Proceeds of the Series 2025A,B and C Bonds (the "Bonds") will be used, along with other legally available funds of Miami-Dade County (“the County”), to refund and redeem all or a portion of outstanding Commercial Paper Notes, Series 2021, finance or reimburse the County for costs associated with various CIP projects, fund a deposit, if necessary, to the common Reserve Account, and pay various costs of issuance. Aviation Revenue Bonds are special limited obligations of the County, payable primarily from Net Revenues derived from the operation of MIA. The Department, an enterprise fund of the County, operates MIA, along with three general aviation airports and a training airport.

Key Credit Considerations

Credit Positives

• Large and growing air service area, anchored by the City, 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 an effectively managed CIP.

Credit Challenges

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

Rating Sensitivities

For Upgrade

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

For Downgrade

• Issuance of additional debt not supported by 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

• Public Finance: U.S. General Airport Revenue Bond Rating Methodology
• ESG Global Rating Methodology

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: 1007933

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