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KBRA Releases Report Assigning Ratings to Memphis-Shelby County Airport Authority Airport Revenue Bonds, Series 2021A and Revenue Refunding Bonds, Series 2021B, 2021C, and 2021DOn March 10, 2021, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ with a Stable Outlook to the Memphis-Shelby County Airport Authority's (MSCAA) Airport Revenue Bonds, Series 2021A (AMT (News - Alert)), Airport Revenue Refunding Bonds, Series 2021B (AMT), Airport Revenue Refunding Bonds Series 2021C (AMT), and Airport Revenue Refunding Bonds, Series 2021D (Non-AMT). At the same time, KBRA affirmed the long-term rating of A+ with a Stable Outlook on MSCAA's outstanding airport revenue bonds. KBRA believes that the Authority is effectively responding to the dislocations caused by the COVID-19 pandemic at Memphis International Airport. Cargo activity has performed relatively well in this environment, and the MSCAA appears poised to withstand a slow recovery in passenger volumes in the near to medium term. Click here to view the report. To access ratings and relevant documents, click here. Disclosures Further informatin on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. 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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
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