(Bloomberg) -- Miami International Airport has its credit rating raised one notch to A+ by S&P Global Ratings on Monday, after a population boom fueled demand for flights from South Florida. 

The upgrade reflects the airport’s “substantial demand, which surpasses pre-pandemic activity,” and its leadership in growth among large hubs since 2019, said S&P credit analyst Nora Wittstruck. “We believe the enplanement trajectory will support the significant capital plan and sustain the financial position.” 

In 2023, Miami’s airport reached its highest-ever passenger total, handling 52.3 million travelers. Airlines have added more routes from MIA, including Delta Air Lines Inc. which now connects Miami to Los Angeles and Seattle. International carriers including Condor Flugdienst GmbH and Fly Level SL have added routes to Frankfurt and Barcelona, further supporting the growth, according to S&P. 

“This upgrade is more evidence that MIA is one of the fastest-growing and best-managed airports in the country,” said Daniella Levine Cava, the mayor of Miami-Dade County in an emailed statement. “The improved rating demonstrates that MIA’s ongoing improvements are making a strong impression on industry experts, which is fantastic news for our residents and our local economy.”

To accommodate more passengers, the airport has launched a $7 billion modernization plan including terminal renovations, an overhaul of more than 200 restrooms and additional parking facilities. The airport expects to see 77 million passengers by 2040, according to its website. 

S&P views that capital plan as “substantial” as it calls for an addition $5 billion of debt sales over the next decade. 

“The airport has various expansion projects underway, but in the near term is looking to make current space efficient by configuring ticket counters and updating security checkpoints,” wrote S&P analysts in a report evaluating the credit. “We believe the high-cost structure and capital plan could constrain upward rating movement in the medium term.” 

The Miami area has seen an influx of wealthy residents and investment the past few years amid the pandemic, boosting housing prices. Billionaires like Jeff Bezos, Ken Griffin, and Josh Harris have scooped up lush waterfront mansions.

The wealth influx has led to modern office buildings, new restaurants and conferences, following years of successfully hosting Art Basel, an international art fair. 

(Updates with statement from Miami official in fourth paragraph.)

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