...Rising Presence at Airports: A growing number of U.S. airports have developed, or have plans to finance and construct, "on-airport" consolidated rental car facilities (CONRACs). Large hub, major market airports with CONRACs already in operation include Atlanta, Boston, Miami and Houston. Smaller regional airports have also joined the CONRAC development trend. Going forward, Fitch Ratings expects more airports to pursue CONRAC projects and use stand-alone special facility debt for financing. Customer Facility Charges Secure Costs: The primary source of revenues securing CONRAC project costs are customer facility charges (CFCs). CFCs are set either on a per day or per transaction basis, with the fee collected by the rental car operator and added to the base level of rental car charges. CFCs are currently assessed at many U.S. airports, with more than 110 already levying these charges. The most common range for daily CFC rates is $3-$5 per day, but rates vary widely from $1 to $8 per transaction...
