KBRA Releases Report Assigning AA-, Stable Outlook to Lee County, FL Airport Revenue Bonds
9 Sep 2024 | New York
On September 6, 2024, KBRA assigned an AA- rating, with a Stable Outlook to Lee County, FL ("the County") Airport Revenue Bonds, Series 2024 (AMT). Concurrently, KBRA affirmed the AA- rating, with a Stable Outlook assigned to Airport Revenue Bonds previously issued by the County.
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. Generally, Passenger Facility Charges (PFCs) are excluded from net revenues unless otherwise pledged in a Series Resolution. The Bonds, along with Airport Bonds issued in FY 2021 (Series 2021A and Series 2021B), include such a pledge.
Southwest Florida International Airport (RSW or "the Airport"), currently the only member of the Airport System, is governed by the County's Board of County Commissioners and operated by the Lee County Port Authority (LCPA or “the Authority”). The Airport’s finances are maintained as an enterprise fund of the County.
To access rating and relevant documents, click here.
Click here to view the report.