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

19 Mar 2026   |   New York

Contacts

KBRA affirms the long-term A+ rating with a Stable Outlook for the Columbus Regional Airport Authority's ("CRAA") Customer Facility Charge ("CFC") Revenue Bonds. The rating reflects the economic health of CRAA’s air trade area and growing enplanements at the John Glenn Columbus International Airport ("CMH" or the “Airport”), both of which drive rental car transactions and related CFC revenues.

Key Credit Considerations

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

Credit Positives

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

Credit Challenges

  • Lagging full recovery in transaction days and CFC collections compared to pre-pandemic levels.
  • Periodic volatility in enplanement activity can impact rental car demand.
  • The present, albeit modest, competition posed by Transportation Network Companies.

Rating Sensitivities

For Upgrade

  • Material and sustained growth in rental car transaction days and CFC collections, leading to consistently stronger cashflow coverage of debt service.

For Downgrade

  • Inflation or other rental rate pressure that dampens 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 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: 1014067