Municipal Credit > Investment Grade Atlanta, GA Senior Lien Airport Revenue Bonds Updated: Oct 31, 2015 Trade Idea: 0 Buy Atlanta, GA senior lien airport revenue bonds. Investment Rationale: 0 Security: The bonds are secured by a senior lien on the airport's net revenues as well as a junior lien on the airport's PFC revenue. The airport has an additional bonds test that requires 1.3X projected maximum annual debt service coverage. 0 Debt service coverage in FY14 was strong at 1.8X. 0 The airport is in the Atlanta MSA and is Delta's primary hub. With a rapidly growing population of 5.5 million, the Atlanta MSA provides a strong base demand for air travel to augment Delta's roughly 50 million annual connecting passengers. ) The airport, which is the most active in the world, serviced 94.8 million passengers in FY14. FY14 enplanement at 47 million passengers was down by .4% but has increased year over year since FY10. 0 The airport maintains 1218 days cash on hand (FY14) and has a history of paying for capital projects with cash on hand rather than increasing leverage. Recommendation(s): View Trade Horizon Credit Ratings Internal Rating Maturity of Cusps Spread to AAA Next Expected Mbodyr&Slai Selected curve at Issuance Fitch Comp Issuance Buy 12 Months Atlanta. GA Aa3/A+/A+ AA-ratable 1/1/2026 04780MTD1 •35 Non AMT None planned Senior Lien And Non AMT and +65 AMT at this time Airport 111/2023 047130MTX7 Revenue AMT Bonds Deutsche Asset & Wealth Management 68 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075524 SDNY_GM_00221708 EFTA01378355