SUMMARY RATINGS RATIONALE

The Aa3 rating is supported by the strong and growing Raleigh-Durham CSA economy, evenly distributed airline service with four providers accounting for over 16% of enplanements each in a primarily origin and destination market, and ample liquidity well above the industry median. The stable outlook reflects Moody's expectation that debt service coverage ratios will return to levels above 2.0 times on a bond ordinance basis and that the current Terminal 1 renovation project will be completed within budget and on time without reduction of liquidity beyond planned levels.

STRENGTHS

* Highly rated service area which provides solid base of demand for air travel

* Diversity of air carriers with a strong low cost carrier presence and a competitive airline cost environment

* Well-maintained finances and track record of pro-active facility management have led to a large and liquid reserve

CHALLENGES

* Debt service coverage, not including the rolling coverage of 0.25x from the transfer, remains below pre-recession levels

* Net debt per enplanement of $142 is high compared to Moody's US O&D airport median of $68

Outlook

The stable outlook reflects Moody's expectation that debt service coverage ratios will return to levels above 2.0 times on a sustained basis on a bond ordinance basis and that the current T1 renovation project will be completed within budget and on time without reduction of liquidity below planned levels. Current levels of high liquidity serve to counterbalance lower than comparable debt service coverage levels for similarly rated compensatory-based airports.

What Could Change the Rating - UP

The authority is well positioned at its current rating.

What Could Change the Rating - DOWN

Debt service coverage by net revenues as calculated by Moody's below 1.3 times (approximately equivalent to 1.7 times on a bond ordinance basis), significant enplanement declines, or reduction of liquidity below planned levels could place negative pressures on the rating.

PRINCIPAL METHODOLOGY USED

The principal methodology used in this rating was Airports with Unregulated Rate Setting published in July 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

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Earl Heffintrayer Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Chee Mee Hu MD - Project Finance Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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