Favorable Assessments Cite Passenger Growth, Local Economy
NASHVILLE – Three of the nation’s top bond rating agencies, Kroll, Moody’s and Fitch, have assigned strong ratings to the Metropolitan Nashville Airport Authority’s (MNAA) Subordinate Airport Revenue Bonds Series 2019A (Non-AMT) & B (AMT) of up to $1 billion. The agencies further designated the outlook for the Bonds as “Stable.”
The Bonds will be used to fund a portion of the costs associated with MNAA’s extensive, multi-phased capital improvements program known as BNA Vision, which was designed to meet the growing travel demands of the region and position Nashville International Airport (BNA) for the future.
BNA receives no local tax dollars.
In response to the impressive ratings and accompanying analyses, Nashville International Airport President and CEO Doug Kreulen issued the following statement:
“As the reports make clear, the robust demand for both business and leisure travel stems largely from the strong underlying economic fundamentals and diverse sources of economic activity found in Middle Tennessee, including the health care industry, financial services, our many colleges and universities, conventions and tourism, and corporate relocations. The Airport Authority has worked hard to responsibly manage our financial resources and prepare for the expansion of BNA made necessary by this growth. We appreciate the strong fiduciary oversight of our Board of Commissioners and the validation reflected in these excellent bond ratings. Our future growth plans will lead to a bigger, better airport for Nashville, the fourteen-county region we serve and beyond.”
In connection with the issuance of the Bonds, MNAA launched an investor relations website that can be accessed at https://www.nashvilleairportbonds.com.
Highlights include:
Rating: A+
Outlook: Stable
Key rating strengths include the region’s growing population and diversifying economy, strong passenger growth with no signs of abating and well-maintained BNA financial operations.
Rating: A2
Outlook: Stable
(Additionally affirmed outstanding A1 rating on senior lien bonds)
Rating rationale includes strong BNA market position and the region’s strong demographic and economic fundamentals that drive passenger demand.
Rating: A
Outlook: Stable
Rating rationale includes the underlying strength of the region, which contributes to making BNA one of the fastest growing airports in the U.S.
BNA is one of the fastest growing airports in the U.S. and has set passenger records in each of the last six calendar years. It is expected to do so again in 2019, with projections showing total passenger traffic likely exceeding 18.3 million.
BNA Vision is a comprehensive expansion and renovation program launched in July 2016. Upon the completion of its first phase in 2023, BNA Vision will include a Parking and Transportation Center, a new Concourse D, an expanded central terminal lobby, a state-of-the-art International Arrivals Facility, an administrative office building and much more.
A recent study showed that in 2018 alone, BNA generated $7.1 billion in total economic impact to the Middle Tennessee economy. The economic impact study analyzed job creation, personal income growth, tax revenue generated, and other factors during the 2018 calendar year. Aviation activity at BNA generated the following:
With more than 17 million passengers visiting each year, Nashville International Airport (BNA) is one of the fastest growing airports in North America. BNA serves 540 daily flights to 75 nonstop destinations. According to a recent study, in 2018 alone, BNA generated more than $7.1 billion in total economic impact, supported more than 67,000 jobs in the region, and produced more than $392 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA Vision, our growth and expansion plan for the airport, at BNAVision.com.
2022 Charlotte Douglas International Airport Report of Achievement
Giving back to the community is central to what Charlotte Douglas International Airport and its operator, the City of Charlotte Aviation Department, is about, and last year was no different.
Throughout 2022, while recovering from the COVID-19 pandemic, we continued our efforts to have a positive impact on the Charlotte community. Of particular note, we spent the year sharing stories of how Connections Don't Just Happen at the Terminal - from creating homeownership and employment opportunities to supporting economic growth through small-business development and offering outreach programs to help residents understand the Airport better.
This whitepaper highlights the construction projects, initiatives, programs and events that validate Charlotte Douglas as a premier airport.
Download the whitepaper: 2022 Charlotte Douglas International Airport Report of Achievement.