GOAA Revenue Bonds Receive Favorable Affirmation From Key Rating Agency

Press Release

ORLANDO, Fla.— The Kroll Bond Rating Agency (KBRA) has reaffirmed its assessment of a series of bonds issued by the Greater Orlando Aviation Authority. KBRA maintained its AA rating and Stable outlook on a series of General Airport Revenue Bonds (GARB). The favorable evaluation is the result of Orlando International Airport (MCO) continuing to trend upward on its performance arc.

According to KBRA, the AA rating was influenced by:

• MCO’s substantial, long-established leisure and hospitality component of its passenger traffic, coupled with the region’s rapidly growing and diversifying economic base.
• MCO’s exceptionally strong utilization profile reflects historically favorable enplanement growth, very little reliance on connecting traffic activity and a diverse carrier mix.
• MCO’s position as the second largest origin and destination (O&D) airport in the U.S. and the top O&D airport in Florida.
• Monthly enplanement records were set in every month of FY 2023, with record passenger traffic continuing in each of the first three months of FY 2024.
• Significant funding derived from non-airline sources.

Another positive factor noted by KBRA was the Authority’s rates agreement with its airline partners, which affords considerable flexibility in undertaking capital projects without the requirement of airline approval.

The Stable Outlook reflects:

• Expectations for continued growth in O&D market activity given the region’s status as a leading global tourism destination.
• The success of the Authority’s highly effective management team in airport operations, strategic planning and the implementation of complex capital.

The Orlando-Kissimmee-Sanford market is a leading global venue for tourism. With seven of the ten most visited theme parks in the world, the region hosted 74 million visitors in 2022, a decline of only 2.6% versus the prepandemic record set in 2019. In recent years, the region has also become a center for life sciences, health care, aerospace and defense, advanced manufacturing, and innovative technologies.

The Greater Orlando Aviation Authority is proud to operate Orlando International Airport (MCO) and Orlando Executive Airport (ORL), two of Florida’s premier air travel gateways. MCO is a world-class global connector, serving more than 50 million annual passengers in its Main Terminal and Terminal C. Connected to an Intermodal Terminal Facility, Terminal C is an inventive structure that elevates the customer experience with 100% automated screening lanes at TSA checkpoints. ORL is conveniently located just miles from downtown Orlando and provides vital general aviation access to the heart of the region