KBRA
24 Feb 2026
KBRA releases its 2026 U.S. Airport Sector Outlook, which examines the sector’s credit stability, structural strengths, and rating surveillance outcomes.
Some key takeaways from the report include the following:
- In KBRA’s view, the U.S. airport sector continues to exhibit strong fundamental credit strength, as demonstrated by a median general airport revenue bond rating of AA-.
- The cost recovery framework for U.S. airport financial operations—established by Federal Aviation Administration policies and grant assurances and embedded in airport operating agreements —supports the full and timely repayment of financial obligations across economic cycles and through various exogenous shocks.
- Enplanement levels across the sector suggest the aviation industry has almost fully recovered from the significant pandemic-era declines in 2020 and 2021, with many airports reaching a new high-water mark in activity. In KBRA’s view, recent and expected future modest growth in demand, particularly in domestic travel, reflects a normalizing operating environment that U.S. airports are well positioned to manage....
