S&P Global Ratings' long-term rating and underlying rating (SPUR) on Charleston County Airport District, S.C.'s airport revenue bonds outstanding, issued for the Charleston International Airport (CHS, or the airport), is 'A+'. The outlook is stable. The bonds are secured by a net revenue pledge, as well as revenues from passenger facility charge (PFC) and customer facility charge (CFC) collections. The rate covenant stipulates 1.25x debt service coverage (DSC). The additional bonds test is also based on 1.25x coverage. As of fiscal year-end (June 30) 2023, approximately $199.5 million of debt was outstanding. The rating reflects our opinion of CHS' very strong enterprise risk profile and strong financial risk profile. Passenger volumes have continued to rebound healthily, setting a record with
