Ontario International Airport Bonds Received Credit Upgrade
Fitch Ratings raised the rating for airport revenue bonds to A-plus citing strong growth.
Updated on Oct. 9, 2026 in Air Travel
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Fitch Ratings upgraded $103 million in outstanding revenue bonds for Ontario International Airport to A-plus. The move follows significant passenger growth, including a 31% increase in international volume.
Why it matters
The upgrade reflects the airport's improved financial performance, driven by a new airline lease agreement and steady enplanement volume. This positive outlook positions the authority well as it prepares to price new bond series to fund infrastructure.
The airport reported 4.7 million passengers during the first eight months of the year. International travel drove significant activity, with 450,000 fliers accounting for a 31% increase in that segment.
The players
Fitch Ratings
Fitch Ratings is a global credit rating agency that provides independent assessments of debt issuers and financial instruments.
Ontario International Airport Authority
The Ontario International Airport Authority is the public entity responsible for the management and operations of the airport in Ontario, California.
Southwest Airlines
Southwest Airlines is a major American carrier that currently accounts for one-third of all enplanements at the airport.
The details
The Ontario International Airport Authority plans to issue $50 million in Series 2026A bonds and $125 million in Series 2026B bonds. These proceeds will support a multiyear capital improvement plan and repay existing subordinate revenue notes.
Timeline
September 26, 2026: The airport reported passenger data for the first eight months of the year.
September 28, 2026: The airport authority disclosed plans to issue new revenue bonds.
October 7, 2026: Fitch Ratings upgraded the airport revenue bonds to A-plus.
Week of October 19, 2026: The airport expects to price its new bond series.
Travel Outlook
The credit upgrade follows the execution of a new airline use and lease agreement which stabilizes long-term revenue for the airport. This financial foundation positions the hub to compete for additional air service in a region defined by high passenger demand.
Travelers should not expect immediate changes to terminal services or ticket pricing due to this financial move. The bond issuance is focused on long-term infrastructure improvements rather than immediate operational adjustments for passengers.
The takeaway
The upgrade to A-plus signals strong investor confidence in the long-term viability of the airport as a major logistics and passenger hub. Travelers can anticipate sustained infrastructure investment as the authority utilizes new bond proceeds to fund facility enhancements.
What happens next
The airport authority is scheduled to price $175.8 million in new Series 2026A and 2026B revenue bonds during the week of October 19, 2026.
Further reading
Learn more about the latest developments in Air Travel across the region.
More information
View official bond filings and financial documents on the Municipal securities disclosure portal.
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