Jacksonville Aviation Authority - GARBs (Jacksonville International Airport) Rating Report
Rating Summary
The long-term rating reflects the strong financial position of the Jacksonville Aviation Authority (“JAA”, or the “Authority”), an independent public agency that owns and operates an airport system in Duval County, Florida, including Jacksonville International Airport (“JAX”), the system’s primary commercial service airport. The Authority’s financial profile is characterized by extremely low leverage, healthy operating performance, fueled by a broad revenue base that derives from four airports, each with a unique role, and substantial unrestricted liquidity. Debt service coverage has benefited from the limited use of debt as a source of capital funding and from the use of PFC revenues to fund a significant portion of debt service.
Counterbalancing these strengths, JAX remains a medium-hub airport with a traffic base that can be affected by relatively modest service changes. The Authority is also heavily reliant on future PFC revenues, including timely approval and…
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