On September 21, 2023, KBRA assigned an A+ rating with a Stable Outlook to the Allegheny County Airport Authority's ("ACAA's") Airport Revenue Bonds, Series 2023A (AMT), Series 2023B (Non-AMT) and Series 2023C (Federally Taxable). Concurrently, KBRA affirmed the long-term rating of A+ with a Stable Outlook on ACAA's outstanding Airport Revenue Bonds. The rating assignment reflects the steady post-pandemic recovery in passenger traffic, revenue and destinations served at Pittsburgh International Airport ("PIT", or "the Airport"). Also underpinning the rating is ACAA's broad mix of aeronautical, non-aeronautical and non-operating revenues, which contributes to stable operating performance and airline affordability, facilitating efforts to attract new airlines and routes to PIT. The assignment further considers projected debt and leverage metrics, which are expected to be stressed throughout the forecast period, as well as the potential volatility of certain revenues that may be deemed "Other Pledged Revenues" under the Master Trust Indenture ("MTI").

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KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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