Fitch Assigns ‘A’ Rating to Lee County Airport Revenue Bonds Supporting RSW Expansion

Fitch Ratings has assigned an ‘A’ rating with a stable outlook to Lee County, Florida’s airport revenue bonds, Series 2026, issued on behalf of Southwest Florida International Airport (RSW).

Fitch also affirmed the ‘A’ rating on the airport’s outstanding airport revenue bonds.

According to the rating agency, the credit assessment reflects RSW’s balanced mix of major carriers and a leisure-focused service area that has demonstrated consistent growth. The airport reported more than 5.5 million enplanements in 2025 and served more than 11.1 million total passengers, ranking it among the top 50 U.S. airports by passenger traffic.

Fitch cited solid financial metrics, including competitive debt service coverage and cost per enplanement (CPE), even as the airport advances additional borrowing to support terminal expansion projects. The airport operates under a 10-year hybrid compensatory airline use and lease agreement that took effect in October 2024. The agreement provides a structured cost-recovery framework intended to support financial stability through the capital program.

The Series 2026 bonds will help fund ongoing improvements at RSW as the airport continues to manage passenger growth in Southwest Florida. Like many medium-hub airports, RSW has experienced sustained leisure demand in recent years, strengthening its revenue base while maintaining competitive airline costs.

Airport operations and capital projects are funded through airport-generated revenues, including airline fees and non-aeronautical sources. No ad valorem property taxes are used to support airport operations or construction.

The stable outlook indicates Fitch’s expectation that the airport will maintain solid financial performance and adequate coverage levels as it continues to implement its capital improvement plan.