MIA earns straight A’s from bond rating agencies

(MIAMI, February 13, 2025) – Miami International Airport (MIA) has once again demonstrated its financial strength and industry leadership, earning ‘A+’ ratings and stable outlooks from Fitch Ratings and S&P Global Ratings for its 2025A-C aviation revenue refunding bonds and outstanding aviation revenue bonds.  Both agencies citied the airport’s strong performance, financial resilience, and essential role in American Airlines’ network. Additionally, Kroll Bond Rating Agency (KBRA) reaffirmed its AA- rating for MIA’s bonds while also upgrading the global gateway’s financial outlook from stable to positive.   

“This achievement is a testament to the exceptional leadership of MIA Director and CEO Ralph Cutié, the dedication of our industry partners, and the hard work of the entire MIA team,” said Miami-Dade County Mayor Daniella Levine Cava. “Their commitment to operational excellence, financial stewardship, and world-class service continues to strengthen MIA’s position as a premier global gateway. This recognition not only highlights our airport’s success but also signifies the positive impact on our community, including increased job creation and economic growth. Together, we are making history at MIA.”

In its rating commentary, Fitch said: “The rating reflects MIA’s strong position as a leading international gateway, with a dominant position for Latin American and Caribbean air services, and its strategic importance to American Airlines. The rating also reflects the airport's strong cost-recovery framework, which supports stable financial performance.”

KBRA’s rating report noted, “MIA’s long-term rating continues to reflect a large and growing air service area, the airport’s long-standing role as the leading U.S. gateway to Latin America and the Caribbean, the continued expansion of domestic and international service by a diverse mix of MIA’s air carriers; and the Miami-Dade Aviation Department’s track record of managing multi-phase, large and complex capital programs.”

S&P wrote in its overview, “The rating reflects our view of MIA’s strong performance as a large hub in a growing service area, its outperformance of peers, and its essentiality to American Airlines route network. In addition, our positive holistic analysis reflects our view of the airport’s financial resiliency and stability through multiple economic cycles.”

“MIA’s consistent growth and ability to exceed industry benchmarks underscore the airport’s vital role in Miami-Dade County’s economy,” said Ralph Cutié, MIA Director and CEO. “With a solid financial foundation, MIA is well-positioned to continue investing in infrastructure improvements, enhancing the passenger experience, and supporting the region’s economic expansion.”

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