Fitch Ratings Assigns ‘a’ Rating to Lee County, Florida Airport Revenue Bonds Series 2026

Why It Matters

The ‘A’ rating signals robust credit quality, likely lowering borrowing costs for Southwest Florida International Airport and enhancing investor confidence in regional aviation infrastructure financing.

Key Takeaways

• Fitch gives ‘A’ rating to Lee County 2026 airport bonds.
• Rating outlook remains stable, affirming existing bond ratings.
• Enplanements exceed 5.5 million in 2025, showing growth.
• Airport handled 11.1 million passengers, top 50 US airports.
• Hybrid airline use‑lease agreement secures cost recovery.

Pulse Analysis

Fitch’s ‘A’ rating for Lee County’s 2026 airport revenue bonds underscores the growing importance of municipal‑level financing in the U.S. aviation sector. Unlike traditional general‑obligation bonds, revenue bonds draw directly from airport operating cash flows, making credit assessments heavily dependent on passenger traffic and airline contracts. By awarding an ‘A’ rating, Fitch signals that the airport’s revenue stream is resilient enough to meet debt obligations, positioning the bonds as attractive assets for institutional investors seeking stable, inflation‑linked returns.

Southwest Florida International Airport (RSW) has built a solid financial foundation through a diversified carrier portfolio and consistent passenger growth. In 2025 the airport served more than 11.1 million travelers, placing it among the nation’s top 50 busiest airports. The 10‑year hybrid airline use‑lease (AUL) agreement, effective since October 2024, locks in a cost‑recovery mechanism that aligns airline usage fees with operating expenses, bolstering the airport’s debt‑service coverage ratio. Coupled with competitive cost‑per‑enplanement metrics, these factors reduce fiscal volatility and support the issuance of additional bonds for capital projects such as terminal expansion.

For investors and regional policymakers, the rating affirms that airport revenue bonds can fund infrastructure without resorting to ad valorem taxes, preserving local taxpayers’ burden. The stable outlook suggests that future financing rounds may enjoy favorable terms, encouraging further development of passenger amenities and runway capacity. As the U.S. aviation market rebounds from pandemic disruptions, similar rating upgrades are likely to cascade across midsize airports that demonstrate strong traffic trends and innovative lease structures, reinforcing the role of revenue bonds in sustaining airport growth and regional economic vitality.