FAQ

How are MSCAA Bonds rated?
Bond ratings depend upon a number of factors developed by the rating agencies that rate the bonds, and take into consideration the security features designed to insure the payment of debt service on the particular bonds. Some bonds with the same underlying credit features might have different credit ratings assigned.

As of January 2011, the underlying Airport Authority credit ratings are as follows:

What is a rating?
A rating is a measure of the credit quality and safety of a bond, based on the issuer's financial condition. More specifically, it is an evaluation indicating the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments as assessed by a nationally recognized rating agency.

How can I buy MSCAA Bonds?
Bonds issued by the Airport Authority may be purchased in the primary or secondary market from brokers. When the Airport Authority offers a new issue of bonds, there usually is a retail order period that is advertised to the public. Bonds are offered only by the related official statement, copies of which are available from your broker or click here for the Statements. Commissions and fees vary by firms. The Airport Authority is not permitted to provide investment advice. The Securities and Exchange Commission regulates securities firms, financial markets and investment advisors. Exchanges often also regulate their members.

What is a brokerage account?
This is an account with a broker/dealer that allows individuals to purchase stocks, bonds, mutual funds, and other investments.

What is an official statement (OS)?
An official statement (OS) is the document prepared by the Airport Authority for use by the underwriters in offering its bonds for sale to the public. The OS contains the relevant information about the Airport Authority and the bonds being issued and includes important information that a potential investor should consider before purchasing the bonds. The official statement provides the terms of the bonds such as maturity and interest rates, an explanation of the security and pledge of revenues supporting the bonds, as well as the other investment considerations you should take into account before buying the bonds.

What is the pricing date?
It is the day on which an underwriter establishes the final coupon rate, yield, and price for each maturity of an issue. During the retail order period (the day before the Pricing Date) and on the Pricing Date, an investor can place an order to purchase the bonds as part of the primary market offering

How can I find out more about Memphis International Airport and Memphis-Shelby County Airport Authority?
More information can be found on the Memphis International Airport Web site. Follow this link for more information: http://www.memphisairport.org/?q=about