...Summary: The rating reflects Charlotte Douglas International Airport's (CLT) favorable traffic performance underpinned by a strong MSA and expanding hubbing operations, airline leases with a favorable cost-recovery framework and robust liquidity levels. These combined strengths mitigate risks posed by a high degree of single-carrier concentration and connecting traffic. Leverage will increase with the current capital improvement program (CIP), but Fitch expects it to stabilize at a level consistent with the current rating. Large, Concentrated Connecting Hub (Revenue Risk -- Volume: Midrange): The airport enjoys a stable to growing traffic base of approximately 23 million enplanements, due primarily to its strategic location and status as a primary American Airlines Group, Inc. hub. CLT is currently exposed to the carrier's approximately 91% dominant market share and potential volatility with scheduling decisions, as 69% of traffic consists of connecting passengers. CLT is currently also...
