This report does not constitute a rating action. S&P Global Ratings? long-term rating and underlying rating (SPUR) on Tulsa Airports Improvement Trust (TAIT), Okla.?s general airport revenue bonds, issued for Tulsa International Airport (TUL), is ?A+?. The outlook is stable. TUL's net revenue, which includes customer facility charges (CFC) revenue, secures the bonds, along with dedicated revenue consisting of passenger facility charges (PFC) and airport net operating revenues. Bondholders also benefit from a common bond reserve fund that is cash-financed to the least of 10% of the stated principal amount of the bonds, maximum annual debt service, or 125% of average annual debt service. As of April 30, 2025, the airport had approximately $131 million in debt outstanding. The rating
