KBRA assigns a long-term rating of A with a Stable Outlook to the City of St. Louis, Missouri (the City) Airport Revenue Bonds Series 2026A (Federally Taxable), Series 2026B (AMT), and Series 2026C (Non-AMT) issued for St. Louis Lambert International Airport (the Airport). Concurrently, KBRA assigns an A rating to the City's outstanding Airport Revenue Bonds.
Proceeds of the Series 2026 Bonds to 1) finance elements of the Airport’s fiscal year (FY) 2027 – 2032 capital improvement plan (CIP) including a runway resurfacing project and planning for the future modernization of the Airport referred to as the Consolidated Terminal Program (CTP); 2) refund all or a portion of the Airport’s outstanding Junior Lien Bank Notes; 3) fund the required deposit to the debt service reserve fund; 4) pay capitalized interest; and 5) costs of issuance.
Airport Revenue Bonds (GARBs) are payable from the Net Revenues generated by the operation of the Airport.