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Kroll Bond Rating Agency Assigns Long Term Rating of AA- to Dallas/Fort Worth International Airport Joint Revenue Refunding Bonds, Series 2014E

August 12, 2014

NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (“KBRA”) has assigned a long-term rating of AA- with a stable outlook to the $97,185,000Dallas/Fort Worth International Airport (DFW) Joint Revenue Refunding Bonds, Series 2014E (Non-AMT), and affirms the long-term rating of AA- with a stable outlook on DFW’s outstanding Joint Revenue Improvement Bonds.

The Bonds are payable solely from and secured by an irrevocable first lien on and pledge of Pledged Revenues and Pledged Funds. Pledged Revenues include as Gross Revenues the revenues received by the Airport from the rentals, fees and charges collected from the airlines, and from other non-airline sources, including capital transfers and special revenues. Pledged Funds include amounts on deposit in the Debt Service Fund and Debt Service Reserve Fund.

Proceeds from the Bonds will be used to advance refund certain maturities of the Airport’s Series 2004B and Series 2007 Bonds for an estimated present value savings of $12.7 million, equivalent to 13.4% of refunded principal.

The key strengths of KBRA’s rating include the strong management team which has demonstrated an ability to effectively deal with the complexities of running a major U.S. airport, as well as the growing metropolitan area population and economic base that supports origination and destination (O&D) traffic. The geographic location in the central U.S. and operational advantages of facilities, along with ample capacity, support connecting activity and are additional major strengths. In addition, significant non-airline activity diversifies revenues, and provides source of discretionary capital funding. Unrestricted cash balances provide good liquidity for operations, and lessen concerns regarding high debt levels.

This rating is based on KBRA’s U.S. General Airport Revenue Bond Rating Methodology, published on April 23, 2014. In the process of assigning the rating, KBRA reviewed multiple sources of information, met with Airport management, and conducted a site visit of Airport facilities.

To view the report, please visit

Related Publications: (available at

Cities of Dallas and Fort Worth, Texas Dallas/Fort Worth International Airport Joint Revenue Refunding Bonds, Series 2014C Rating Report

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


Kroll Bond Rating Agency

Harvey Zachem, 646-731-2385

Senior Director


Karen Daly, 646-731-2347

Senior Managing Director

Source: Kroll Bond Rating Agency

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