S&P Global Ratings Upgrades San Diego County Regional Airport Authority’s CFC Revenue Bonds to ‘A’

S&P Global Ratings has upgraded its credit rating on the San Diego County Regional Airport Authority’s revenue bonds linked to San Diego International Airport’s (SAN) Rental Car Center.

The rating for the Customer Facility Charge (CFC) revenue bonds has been upgraded to ‘A’ from ‘A-’, with a stable outlook.

According to S&P, the upgrade reflects stabilized rental car activity, among other factors, supporting healthy financial margins. Rental car transactions grew from just over 5 million to 5.4 million between fiscal years 2023 and 2025.

During the same period, the total number of annual passengers increased from 24 million to 25.3 million.

“This ratings upgrade reflects the airport’s strong role in driving the regional economy,” said Atif Saeed, the Authority’s President & CEO. “We are pleased that S&P Global Ratings has recognized the strength of our Rental Car Center operations and our proactive financial planning.”

The Authority’s Board took action in December 2025 to raise the CFC paid by rental car customers from $9 per day to $12. CFC revenues are used specifically to service debt for the Rental Car Center, fund the purchase and operating costs of shuttle buses, cover associated lease costs for shuttle parking lots, and support major building maintenance.

S&P also pointed to the broad and diverse service area economy (3.3 million people) as a credit strength, with favorable income levels and economic activity as measured by GDP per capita, a robust population base, and ample employment opportunities.

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