The Rating Outlook is Stable.
The bonds are general obligations of the commission, payable primarily from a pledge of net revenues. The bonds are further secured by the pledge of the commission's full faith and credit and its statutory obligation to levy a tax upon all taxable property in the metropolitan area, without limitation, if required, to provide funds sufficient to pay debt service.
KEY RATING DRIVERS
DIVERSE, WEALTHY ECONOMY: The rating reflects the underlying strength of the metropolitan area supporting the unlimited tax pledge including a broad and deep economy with low unemployment, above-average wealth levels and a diverse tax base.
STRONG STRUCTURE: The indenture requires the commission to deposit in a restricted reserve the debt service for the following two years. As such, funds are on hand to cover the final
SELF-SUPPORTING OBLIGATION: Strong airport operations and financial performance support payment of GO bonds from operations. The commission has not tapped the GO taxing authorization since 1969.
MANAGEABLE DEBT LEVELS: The commission has a very low level of GO bonds outstanding and no plans to use the remainder of its authorization. The underlying counties have moderate debt levels and capacity to absorb the commission's GO taxing authority if necessary. Overall commission debt levels are moderate.
The rating is sensitive to shifts in fundamental credit characteristics. The Stable Outlook reflects Fitch's expectation that such shifts are highly unlikely.
The commission operates the
WEALTHY, DIVERSE REGIONAL ECONOMY
The combined area's total assessed value was approximately
The seven county region benefits from below-average unemployment and high wealth levels, mitigating some of Fitch's concerns about tax base pressures. County unemployment rates are all well below the national average. Likewise, per capita income levels are strong ranging from 106% to 133% of the 2010 national average. Median household income ranged from 100% to 158% of the national average. The area's economy benefits from a diverse employer base, including government, education, health care, and a number of large corporate headquarters. Debt profiles of the underlying counties are moderate.
STRONG LEGALS AND HISTORY OF SELF-SUPPORT FROM OPERATIONS
The indenture requires the commission to deposit in a reserve fund the debt service for the following two years. Usage of funds in the reserve is fully restricted for debt service. If the reserve fund falls below the two-year requirement, the commission must levy a tax, without limit as to rate or amount, on its seven-county jurisdiction. The final maturity on the series 16 GORBs is
The bonds are fully supported by the strong operations of the airport. The commission has not exercised its taxing authority since 1969. The commission is authorized to issue an additional
Additional information is available at 'www.fitchratings.com'.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope,
--'Tax-Supported Rating Criteria' (
--'U.S. Local Government Tax-Supported Rating Criteria' (
Tax-Supported Rating Criteria
U.S. Local Government Tax-Supported Rating Criteria
Source: Fitch Ratings
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