Press Release|Public Finance

KBRA Affirms A+ Rating for Columbus Regional Airport Authority CFC Revenue Bonds with Stable Outlook

21 Mar 2024   |   New York


KBRA affirms the long-term A+ rating assigned to the Columbus Regional Airport Authority's (CRAA) Customer Facility Charge (CFC) Revenue bonds, Series 2019 (federally taxable). The Outlook is Stable.

Key Credit Considerations

Credit Positives

  • Diverse air trade area and solid regional economic base affords support to the rental car transactions.
  • Legal framework provides sound bondholder protection with varied reserves and autonomy to adjust CFCs.
  • Level debt service requirements, strong projected debt service coverage and no additional planned borrowings.

Credit Challenges

  • Periodic volatility in enplanement activity at the John Glenn International Airport, a function of changing air carrier business model decisions, can impact rental car demand.
  • Lagging full recovery in air traffic, transaction days, and CFC collections compared to pre-pandemic levels.
  • Present, although modest, competitive threat posed by Transportation Network Companies.

Rating Sensitivities

For Upgrade:

  • Material and sustained growth in rental car transaction days and CFC collections that lead to strengthened pledged revenue coverage of debt service without draws from the CFC Surplus Fund.

For Downgrade:

  • Inflation or other rental cost pressures that dampen rental car transaction volume and duration.
  • While not anticipated, an exogenous shock to the airline industry that reverses the post-pandemic recovery in air travel and rental car activity.

To access rating and relevant documents, click here.



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003645

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