KBRA assigns an AA- rating to the Salt Lake City, Utah Airport Tax Obligations (Salt Lake City International Airport), Series 2021A and B; the outlook is stable

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NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- with a stable outlook to Airport Bonds in Salt Lake City, Utah (Salt Lake City International Airport), Series 2021A (AMT) and Series 2021B ( non-AMT). The outlook is stable.

The strength of the SLC Air Service Area (ASA); favorable boarding trends, including a post-pandemic resumption of traffic that has overtaken many US airports; and historically low debt levels underpin the rating. Offsetting the aforementioned strengths, the airport relies on traffic generated by Delta Air Lines (Delta) and its regional subsidiaries, although Delta has recently reaffirmed its commitment to the airport given its strategic importance to Delta’s domestic network. Although the leverage associated with the new SLC results in increased costs and debt per boarded passenger once program funding is fully implemented, the levels remain competitive, particularly against airports of size and profile. similar.

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Disclosures

Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade ESG factors (where they are a major driver of change in credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of relevant key rating assumptions, if any) used to determine 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.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.

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