KBRA Release Report Assigning AA-, Stable Outlook to Lee County, FL Airport Revenue Bonds

On February 9, 2026 KBRA assigned a AA- rating, with a Stable Outlook, to Lee County, Florida's (the County) Airport Revenue Bonds, Series 2026A-1 (AMT); Airport Revenue Bonds, Series 2026A-2 (Put Bonds) (AMT), and Airport Revenue and Refunding Bonds, Series 2026B. Concurrently, KBRA affirmed the AA-, with a Stable Outlook, to the County's approximately $862.8 million Airport Revenue Bonds outstanding.

The County's Airport Revenue Bonds are secured by and payable from a pledge of net revenues generated by the Airport System and certain funds and accounts held under the Bond Resolution. The County’s Series 2021A, Series 2021B, Series 2024, and a portion of the Series 2026B Bonds benefit from a specific pledge of Passenger Facility Charge (PFC) revenues which are otherwise excluded from Net Revenues. The County owns Southwest Florida International Airport (the Airport), which is operated by the Lee County Port Authority. The Airport is the only member of the Airport System. Airport System finances are maintained as an enterprise fund of the County.

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