Press Release|Public Finance

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

26 Apr 2024   |   New York


KBRA affirms the long-term rating of A+ with a Stable Outlook to 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

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Favorable enplanement trends both pre and post pandemic.
  • Healthy operating performance, supported by 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 2023 Project.
  • Small, though growing enplanement base, making it more susceptible to air carrier strategy shifts.

Rating Sensitivities

For Upgrade

  • Strong enplanement growth leading to diversification of routes served accompanied by growing non-airline revenues and 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 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: 1004092

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.