Three credit rating agencies, Moody’s Ratings, S&P Global Ratings and Kroll Bond Rating Agency, LLC, (KBRA), assigned the Jacksonville Aviation Authority (JAA) ratings of A1, A and AA, respectively. Each company determined the JAA’s financial outlook as stable while it seeks a $230 million bond issuance for construction of a third concourse (Concourse B) at Jacksonville International Airport (JAX).

The positive ratings are expected to enable JAA to issue the bonds at more favorable rates, thereby lowering the authority’s costs. It’s the organization’s first time issuing public debt in nearly 20 years.

Key positive indicators for KBRA’s AA rating include the Authority’s strong financial profile with high historical debt service coverage and outstanding liquidity, a large and growing market supported by military, business and tourism demand and a manageable capital program. JAX is currently the only medium hub airport to receive an AA rating from KBRA.

Moody’s attributed their A1 rating to the “airport’s dominant market position as the primary commercial service airport for Northeast Florida, supported by a large and growing origin-and-destination service area with limited nearby competition...The stable outlook reflects expectations that the JAA will maintain strong debt service coverage above 3.0x and liquidity levels above 600 days cash on hand while completing the Concourse B project without material cost overruns or delays.”

“These ratings signify the strong financial position of the JAA,” JAA CEO Mark VanLoh said. “This allows us to finance projects that matter to the Northeast Florida community such as the construction of Concourse B. Not only will it bring additional gates which are desperately needed, but new customer service amenities and great dining options for travelers.”

The S&P justified their A rating by stating that “the stable outlook reflects our expectation that the authority will maintain healthy financial metrics that are in line with the current forecast, supported by generally positive enplanements trends and no additional debt needs.”

“This bond issuance is a critical component for the financing of Concourse B,” JAA Board Chair David Hodges Jr said. “These strong ratings are the result of wise financial decision-making at all levels of the Aviation Authority management and staff.”

Added JAA Chief Financial Officer Ross Jones: “The strength of management, the current status of the Concourse B project and the Authority’s strong financial metrics are likely factors these agencies considered while issuing their guidance. We look forward to going out to the bond market and securing financing for the completion of our largest construction project in the last 20 years.”

With credit ratings now in place, the Aviation Authority will seek financing in the open bond market for Concourse B construction in early May. 

[Jacksonville, FL – 21 September, 2026] At its board meeting this morning, the Jacksonville Aviation Authority (JAA) elected new leadership for Fiscal Year (FY) 2027. Fernando Acosta-Rua is the newly elected board chair.

Acosta-Rua most recently served as vice chair and succeeds David Hodges Jr. as chair. Acosta-Rua was appointed to JAA’s board by Governor Ron DeSantis in 2021. Acosta-Rua is a principal and shareholder with Heritage Capital Group. 

Dr. Solomon Brotman will serve as vice chair. He was appointed to the JAA board in 2023 by Mayor Donna Deegan. Brotman is a retired dentist.

Andy Hofheimer will serve as secretary. Hofheimer was appointed by Mayor Deegan to the board in 2023. Hofheimer is Principal at Sitehawks.

Matt Connell will serve as treasurer. He was appointed to the JAA board in 2020 by Gov. DeSantis. Connell is co-founder and CEO of Total Military Management, a Jacksonville-based logistics company.  

The Jacksonville Aviation Authority’s board is comprised of seven members. Three members are appointed by Jacksonville’s mayor while the other four are appointed by the governor of Florida. Each board member may serve two consecutive 4-year terms.? 

For more information about JAA, visit www.flyjacksonville.com.