S&P Global Ratings raised its long-term and underlying rating for Memphis-Shelby County Airport Authority (MSCAA) to A from A minus. The outlook is stable.
S&P cited several strengths that contributed to the elevated rating, including Memphis International's origin and destination passenger base, management and governance, debt and liabilities capacity, financial flexibility, and the presence of FedEx's massive cargo operations.
"Our finance staff continues to work diligently to maintain the airport authority's solid financial foundation," said MSCAA President and CEO Scott Brockman, A.A.E. "This rating reflects our strong current financial management and a positive outlook as we work to shape the future of MEM."