[October 22, 2014]

Kroll Bond Rating Agency Assigns Long Term Rating of AA- to Columbus Regional Airport Authority

Kroll Bond Rating Agency ("KBRA") has assigned a long-term rating of AA- with a stable outlook to the Columbus Regional Airport Authority (CRAA) Airport Revenue Bonds. The rating applies to all of the Authority's outstanding Airport Revenue Bonds.

The 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 Authority management, and conducted a site visit of Port Columbus international Airport (CMH) facilities.

The Airport Revenue Bonds are special obligations of the Authority, payable solely from and secured by a pledge of the net revenues of Port Columbus International Airport and Bolton Field, and a lien upon the Revenue Fund, Debt Service Fund and the Debt Service Reserv Fund. Rickenbacker International Airport is not designated as an "Airport" for purposes of the Trust Indenture. Neither the revenues or expenses of Rickenbacker are included for purposes of calculating compliance with the rate covenant nor additional bonds test.

The key strengths of KBRA's rating include the strong management team which has implemented critical policies, funded capital needs largely from internal sources, and overseen financial operations in a responsible manner. The 10 county MSA catchment area for Port Columbus International Airport (CMH), its main commercial airport, is economically diverse, and includes Ohio's largest city, which is the state capital, and home to Ohio State University. The regional economy has historically out-performed both the State of Ohio and the U.S., and population is growing. A mix of airlines serves CMH, and there is no carrier concentration. CMH is almost exclusively origin and destination (O&D), and therefore is not vulnerable to the type of de-hubbing that has characterized many surrounding regional airports. Enplanement trends have been largely static, which is attributable to several factors that include economic cycles, proximity of other Midwestern metropolitan airports, and contraction in the number of available seats at CMH. Despite the absence of significant passenger growth, and KBRA's expectation that this pattern will continue, financial operations are favorable, with ample debt service coverage levels. CRAA has been able to address the bulk of its capital needs without having to enter the capital markets, and debt levels are extremely low.

To view the report, please visit www.kbra.com.

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).

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