NASHVILLE ─ Moody's Investors Service has upgraded the credit rating on Metropolitan Nashville Airport Authority's (MNAA) Airport Improvement Revenue Bonds from A2 to A1. Moody's also affirmed the A3 rating on MNAA’s Consolidated Rental Car Facility (CONRAC) bond. MNAA owns and operates Nashville International Airport (BNA) and John C Tune Airport (JWN).
“This upgrade of MNAA’s bond rating underscores continued passenger growth, increasing visitor and convention traffic to Nashville and responsible fiscal management of our airports,” Rob Wigington, president and CEO of the MNAA, said. “As a major economic engine for our region, our financial stability helps ensure we are able to continue delivering greater air service to more destinations to improve the economic vitality and quality of life of Nashville and the Middle Tennessee region. We strive to maintain low costs and high customer service for our passengers, airlines and business partners.”
The upgrade to A1 is supported by the airport's low and declining debt levels and the above-average growth of the Metropolitan Nashville area's population base, economy and passenger enplanement levels. Among mid-sized hub airports, the airport has had one of the strongest recoveries in passenger enplanement levels from the 2008 economic downturn, driven by both organic travel demands from area residents as well as growing tourism that is supported by the opening of the Music City Center. Moody's feels that the city's unique "Music City" culture will continue to be a strong draw as a travel destination and underpin strong airport origination and destination traffic.