This report does not constitute a rating action. S&P Global Ratings’ long-term rating on Pensacola, Florida’s general airport revenue bonds (GARBs) outstanding, issued for Pensacola International Airport (PNS), is ‘A+’. The outlook is stable. The bonds are secured by net revenues of the airport. Airport revenues are defined as all rentals, fees, charges, and concession revenues received from the operation of the airport. Certain passenger facility charge (PFC) revenue is also pledged to debt service as determined by the city. Bondholders also benefit from additional liquidity provided by a debt service reserve fund (DSRF), which is cash-funded to the lesser of maximum annual debt service (MADS), 125% of average annual debt service, or the maximum amount legally permitted by the
