S&P Global Ratings raised its long-term and underlying ratings to 'A+' from 'A' on Broward County, Fla.'s airport system revenue bonds issued for Fort Lauderdale-Hollywood International Airport (FLL, or the airport). The upgrade reflects FLL's recovery in passenger activity, which, at current levels, we believe is sustainable, supporting our view of the airport's improved market position and expected strong financial risk profile. The outlook on the bonds is stable. Net revenue of Broward County Aviation Department's (BCAD) airport system secures the bonds. The airport system consists of FLL and the North Perry Airport, a general aviation reliever airport, which Broward County owns and BCAD operates. FLL passenger facility charge revenue and grant funds are also pledged to pay debt service
