KBRA assigns a long-term rating of AA- to the Miami-Dade County Aviation Revenue Refunding Bonds, Series 2024A (AMT) and Series 2024B (Non-AMT). KBRA additionally affirms the long-term rating of AA- to the outstanding Aviation Revenue Bonds issued by Miami-Dade County, FL. The Outlook is Stable.

The Miami-Dade Department of Aviation ("the Department" or "MDAD"), an enterprise fund of the County, operates Miami International Airport ("the Airport" or "MIA"), three general aviation airports, and a training airport. Aviation Revenue Bonds are special obligations of the County, payable primarily from Net Revenues derived from the Department's operation of MIA.

Key Credit Considerations

The ratings actions reflect the following key credit considerations:

Credit Positives

• Large and growing air service area, anchored by the City, a vibrant center for tourism and trade.
• Advantageous geographic location as an international gateway to Latin America and the Caribbean.
• Healthy operating performance, liquidity and an effectively managed CIP.

Credit Challenges

• Elevated debt metrics, which may be further pressured by future issuance of GARBs to fund the CIP.
• Moderate, continued reliance on international traffic, which exposes MIA to foreign economic and health risks.

Rating Sensitivities

For Upgrade

• Further strengthening of liquidity and debt service coverage, coupled with moderating leverage.

For Downgrade

• Issuance of additional debt not supported by a commensurate rise in resources for its repayment.
• An unexpected, severe decline in passenger traffic that pressures operating performance and liquidity.

To access rating and relevant documents, click here.

Methodologies

• Public Finance: U.S. General Airport Revenue Bond Rating Methodology
• ESG Global Rating Methodology

Disclosures

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.

Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on KBRA.com as “endorsed” by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities.

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. 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.

Doc ID: 1004892

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