Summary: Charleston County Airport District, South Carolina; Airport

S&P Global Ratings lowered its long-term rating to 'A' from 'A+' on Charleston County Airport District, S.C.'s airport revenue bonds, issued for the Charleston International Airport, and removed the rating from CreditWatch, where it had been placed on Aug. 7, 2020, with negative implications. The outlook is negative. CHS, along with many other U.S. airports, was previously placed on CreditWatch to reflect the considerable negative impact of the COVID-19 pandemic on traffic levels, expected financial performance metrics, and overall credit quality. (For more information, see "U.S. Airport Ratings Placed On CreditWatch Negative On Severe Passenger Declines And Weakening Credit Metrics," published Aug. 7, 2020, on RatingsDirect.) CHS' net revenues secure the bonds. Under the resolution, a pledge of net revenues

...S&P Global Ratings lowered its long-term rating to 'A' from 'A+' on Charleston County Airport District, S.C.'s airport revenue bonds, issued for the Charleston International Airport, and removed the rating from CreditWatch, where it had been placed on Aug. 7, 2020, with negative implications. The outlook is negative. CHS, along with many other U.S. airports, was previously placed on CreditWatch to reflect the considerable negative impact of the COVID-19 pandemic on traffic levels, expected financial performance metrics, and overall credit quality. (For more information, see "U.S. Airport Ratings Placed On CreditWatch Negative On Severe Passenger Declines And Weakening Credit Metrics," published Aug. 7, 2020, on RatingsDirect.) CHS' net revenues secure the bonds. Under the resolution, a pledge of net revenues secures the bonds, as does a debt service reserve account that is cash funded to $15.1 million. In addition, passenger facility charge (PFC) and customer facility charge revenues secure...

Summary