Miami International Airport’s steady passenger growth and strong airline partnerships earned it an improved financial outlook from Moody’s Investors Service.
The revised outlook – from stable to positive – comes before the sale of $760 million in revenue bonds in early 2019 that will help fund $1.45 billion in capital improvements at MIA over the next three years.
Moody’s also affirmed MIA’s A2 bond rating, based on its projection for MIA to see, “sustained growth in international traffic to Latin America, Central America, the Caribbean and Europe, and stronger growth in domestic origination and destination enplanements spurred by service area economic expansion,” according to its rating report. A2 is Moody’s second-highest bond rating.
“The improved outlook from Moody’s further demonstrates that MIA’s position as the gateway of the Americas is stronger than ever,” said Miami-Dade County Mayor Carlos. A. Gimenez. “Moreover, MIA just completed its best year ever in both passenger and cargo traffic, and continues to attract new airlines from around the world.”
Moody’s also said: “The positive outlook is based on our expectation that MIA will retain its market share of international and domestic passenger traffic and will continue to steady enplanement growth in 2019, which will track the airport’s revised growth forecast.”
Pending approval by the Board of County Commissioners, a longer-term, multibillion-dollar capital improvement program at MIA would include: the modernization of concourses E, F and G; a new airport hotel; expansion and improvements to the South and North terminals; and additional cargo facilities.
“The improved outlook from Moody’s punctuates what has already been an excellent year for our airport,” said MIA director and CEO, Lester Sola. “As we prepare to welcome more new international routes and airline partners, as well as to launch new facility improvements, 2019 promises to be even more successful.”