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KBRA Affirms A+ Rating for City of Fresno, CA Airport Revenue Bonds

23 Apr 2026   |   New York

Contacts

KBRA affirms the A+ rating with a Stable Outlook for the City of Fresno, CA Airport Revenue Bonds. Fresno - Yosemite International Airport is owned and operated by the City of Fresno through its Department of Airports.

Key Credit Considerations

Credit Positives

  • Favorable pre- and post-pandemic enplanement trends.
  • Healthy operating performance, supported by a hybrid use and lease agreement and a favorable mix of airline and non-airline revenues.
  • Solid pro-forma debt service coverage and healthy liquidity.

Credit Challenges

  • Significant increase in leverage associated with the terminal expansion project.
  • Small though growing enplanement base.

Rating Sensitivities

For Upgrade

  • Strong enplanement growth leading to diversification of routes served, accompanied by growing non-airline revenues and improving debt service coverage.
  • Moderating leverage metrics.

For Downgrade

  • While not expected a significant increase in Airport Revenue Bond debt without a commensurate increase in resources available for its repayment.

To access ratings and relevant documents, click here.

Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014627