Moody’s Assigns A2 Rating to Southwest Florida International’s 2026 Revenue Bonds

Moody’s Ratings has assigned an A2 rating to Lee County, Florida’s enterprise airport revenue bonds, Series 2026, issued on behalf of Southwest Florida International Airport (RSW), and affirmed the A2 rating on the airport’s outstanding revenue bonds. The outlook is stable.

According to Moody’s, the rating reflects the airport enterprise’s resilient demand profile, strong liquidity position and financial protections embedded in its new airline agreement as it advances a major capital improvement program.

The credit agency cited RSW’s diverse carrier mix and robust origin-and-destination passenger base as key strengths supporting the rating. Moody’s also noted that the updated airline use and lease agreement provides structural protections that support revenue stability during a period of elevated capital spending.

The stable outlook reflects expectations that continued enplanement growth will support steady financial performance. Moody’s anticipates leverage will peak in fiscal year 2026 as the capital program advances, before gradually moderating.

Southwest Florida International Airport served more than 11.1 million passengers in 2025, ranking it among the top 50 U.S. airports by passenger traffic. The airport operates without the use of ad valorem property taxes for operations or construction, relying instead on airport-generated revenues.

The rating affirmation comes as the Lee County Port Authority continues to implement its capital improvement program, which is aimed at supporting future passenger growth and maintaining financial stability.