KBRA Assigns AA- Rating to the Salt Lake City, Utah (Salt Lake City International Airport) Airport Revenue Bonds, Series 2021A and B; the Outlook is Stable

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

The strength of SLC’s Air Service Area (ASA); favorable enplanement trends, including a post-pandemic traffic rebound that has outpaced many US airports; and historically low debt levels underpin the rating. A counterbalance to the above strengths is the airport’s reliance on traffic generated by Delta Air Lines (Delta) and its regional subsidiaries, although Delta recently reaffirmed its commitment to the airport given its strategic importance to Delta’s domestic network. While the leverage associated with The New SLC results in higher costs and debt per passenger once the program’s funding is fully implemented, levels remain competitive, especially when compared to airports of similar size and profile.

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Disclosure

Learn more about key credit considerations, sensitivity research that takes into account what factors may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (if they are a material factor in changing creditworthiness or the rating outlook). ) can be found in the full assessment report above.

A description of all material material sources used in establishing the credit rating and information on the methodology (s) (including any material models and sensitivity analyzes of the relevant material rating assumptions, if any) that were used in determining the credit rating is available on the information disclosure form (s) here.

Information on the meaning of the individual assessment categories can be found here.

Further information on this rating measure can be found in the information disclosure forms mentioned above. Further information on KBRA policies, methods, rating scales and information is available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered as an NRSRO with the Securities and Exchange Commission. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered with the UK Financial Conduct Authority as a CRA under the temporary registration system. In addition, KBRA has been named by the Ontario Securities Commission as the designated rating organization for issuers of asset-backed securities for the submission of a short prospectus or shelf prospectus. KBRA is also recognized as a credit rating provider by the National Association of Insurance Commissioners.