Fitch Ratings, an international credit rating company has upgraded Cleveland Hopkins International Airport’s (CLE) airport bond rating to ‘A’ from ‘A-’ with a Stable Rating Outlook. The ‘A’ rating is the highest underlying credit rating Fitch has assigned to CLE’s outstanding airport revenue bonds.
“The upgraded bond rating signals the financial strength of CLE at an imperative time as we prepare for the implementation of the Terminal Modernization Development Program,” said Bryant L. Francis, C.M., Director of Port Control. “This recognition reflects our team’s disciplined fiscal management and positions CLE to deliver a world-class facility that will serve our community for generations to come.”
The updated rating is due in part to CLE having a strong cost recovery framework under its airline use and lease (AUL) agreement, a new ten (10) year agreement that became effective January 1, 2026. Fitch’s rating action highlighted CLE’s stable financial profile and the benefits derived from the price framework of the residual airline agreement. The residual framework provides a strong backstop mechanism that protects debt service coverage should passenger volumes and revenues decline unexpectedly but also provides the ability to keep CLE airline costs competitive.
In Fitch’s release they state, “The airport maintains low yet stable coverage levels, typical for an airport with a residual AUL, and healthy reserve balances.”
This new rating impacts $316.8 million in outstanding airport revenue bonds and reinforces momentum behind CLEvolution. At the center of this initiative is the Terminal Modernization Development Program (TMDP), a $1.6 to $2 billion investment in a new terminal headhouse, modernized concourses, additional parking, and upgraded ground transportation.
Cleveland Hopkins International Airport (CLE), Northeast Ohio’s Gateway to the World. Ohio’s busiest airport serves over 10,000,000 passengers annually. Ten passenger airlines offer over 130 daily departures to more than 40 nonstop destinations. There are also four all-cargo airlines serving CLE.
The launch of CLEvolution: The Campaign to Transform Cleveland Hopkins International Airport, marks a major investment to modernize CLE over the next decade. The evolution of this critical regional asset will not only revolutionize the air travel experience for local residents and visitors alike but also position Northeast Ohio for future growth and greater economic prosperity.