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KBRA Affirms A+ Rating for Hillsborough County Aviation Authority, FL Tampa International Airport CFC Revenue Bonds; Outlook is Stable

13 Aug 2025   |   New York

Contacts

KBRA affirms the long-term rating of A+ with a Stable Outlook for the Hillsborough County Aviation Authority, FL Tampa International Airport ("TPA" or the "Airport") Customer Facility Charge Revenue Bonds.

The Stable Outlook reflects the resilience and growth of the Tampa Bay economy and the Airport’s air travel demand, which KBRA expects will continue to support rental car demand at TPA, as well as level annual debt service on CFC Bonds and the absence of additional borrowing plans.

Key Credit Considerations

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

Credit Positives

  • Legal framework provides strong bondholder protections and features a 1.25x rate covenant (excluding rolling coverage), ability to adjust the CFC, and established reserves.
  • The Tampa Bay area is an established and popular leisure/recreation destination that has demonstrated resilience against exogenous events and supports high levels of rental car utilization.

Credit Challenges

  • Airport activity is subject to macro-economic and other event risks which could contribute to volatility in CFC receipts.
  • Competition from rideshare services may weigh negatively on CFC revenue growth going forward.

Rating Sensitivities

For Upgrade

  • Trend of steady growth in rental car transactions resulting in sustained increase in pledged revenues.

For Downgrade

  • Erosion in rental car market and rental car transactions pressuring debt service coverage.

To access ratings and relevant documents, click here.

Methodologies

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: 1010810