This report does not constitute a rating action. S&P Global Ratings' long-term rating on Charleston Regional Airport District , S.C.'s outstanding airport revenue bonds is 'A+'. The outlook is stable. The bonds are secured by a pledge of net revenues. The bonds are also secured by a designated debt service reserve account with Charleston Regional Airport Authority's (CRAA) common debt service reserve fund, which will be funded with bond proceeds. Customer facility charges (CFCs) are designated as revenue under the master resolution. The indenture includes a rate covenant of 1.25x and an additional bonds test (ABT) is also based on 1.25x debt service coverage. Passenger facility charges (PFCs) are deposited into a separate fund and are to be used first
