Summary: Fresno Fresno Yosemite International Airport; Airport

S&P Global Ratings' long-term rating and underlying rating (SPUR) on Fresno, Calif.'s airport revenue bonds outstanding, issued for Fresno Yosemite International Airport (FAT), is 'A'. The outlook is stable. The bonds are secured primarily by a pledge of net airport revenues. Only the 2007 bonds, issued to finance the construction of a rental car facility, may apply customer facility charges (CFCs) for payment. Passenger facility charges (PFCs) may be applied to other to debt service supporting eligible projects. The series 2023 issuance includes a debt service reserve requirement with a minimum equal to the lowest of three calculations: 10% of the initial offering price of the bonds, maximum annual debt service (MADS), or 125% of the average annual debt service

...--Fiscal year ended June 30-- Medians for 'A' category rated airports 2023 2022 2021 2020 2019 2022 PFC rate ($) 4.50 4.50 4.50 4.50 4.50 N.A. O&M--Operations and maintenance. EBIDA = Total operating revenue - total O&M expenses excl. noncash expenses. EPAX--Enplanements. PFC--Passenger facility charge. CFC--Customer facility charge. MADS--Maximum annual debt service. S&P Global Ratings-calculated net revenue = (Total operating revenue + other recurring nonoperating revenue committed to debt service) - total O&M expenses excl. noncash expenses. Available liquidity = unrestricted cash and investments + total contingent liquidity resources - contingent liabilities. Examples of total contingent liquidity resources include working capital line of credit and other available cash reserves not already included in unrestricted cash and investments. See "Global Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions" criteria for more S&P Global Ratings definitions...

Summary