Non-Recourse Debt Update Page Two ANALYSIS
Nonrecourse Debt
Final
Par
Par
Funded
Coupon
Obligor
Series Maturity
Pledged
At Issue Outstanding
BWI Rental Car Facility
2002 7/1/32 Car Rental Fees 2012A 6/1/32 Enplanement Charges 2012B 6/1/27 Enplanement Charges 2014 6/1/32 Enplanement Charges 2019 6/2/39 Enplanement Charges
$ 117.3
$
49.5 23.0 15.3 22.2 88.7
BWI Car Rental Facility
Fixed Fixed Fixed Fixed Fixed Fixed
BWI PFC BWI PFC BWI PFC BWI PFC
50.9 92.1 40.0
Airport Projects Airport Projects Airport Projects Airport Projects
108.7
Calvert Street Parking Garage 2015/05 7/1/32 State Appropriation
23.8
8.8
State Garage Annapolis
$ 432.8 $
207.5
December 31, 2025
BWI Consolidated Rental Car Facility (CRCF) The MDTA issued $117.3 million of taxable revenue bonds in 2002 to finance the construction of the CRCF, a shuttle bus maintenance facility, vehicle storage facilities, and related roadway and utility infrastructure improvements. As of December 31, 2025, outstanding bonds totaled $49.5 million. Pledged revenues are derived from a fee of $5.75 per rental car transaction, with capital improvements funded from net CRCF pledged revenues. The transaction rate was raised from $3.75 on January 1, 2024. This was the first increase since 2008 and was necessitated to strengthen debt service coverage above the targeted 1.5-times level and provide funds for capital preservation. BWI enplanements for FY26 are projected to exceed FY25 levels, though the rental transactions are modeled to remain lower as a function of national industry trends for car usage in favor of alternative transportation such as ride-hail services. Based on the MAA’s forecast, fiscal 2026 revenue is expected to be sufficient to pay debt service. MAA is projecting FY26 coverage to exceed 1.76-times, comfortably above the 1.25 times Rate Covenant. Combined Reserves in the Facility Improvement Fund and the Coverage Fund exceed $26 million or 289% of annual debt service, providing additional financial flexibility. BWI Passenger Facility Charge (PFC) In 2012, 2014, and 2019, the MDTA issued a combined $335 million in five series of PFC backed revenue bonds for infrastructure improvement projects at BWI Airport. Pledged revenues are derived from a charge of $4.50 per passenger. As of December 31, 2025, outstanding bonds totaled $149.2 million. Capital improvements are funded from bond proceeds and net PFC pledged revenues. The fiscal 2025 debt service coverage ratio was 2.13 times. Based on MAA projections, fiscal 2026 debt service coverage is estimated at 2.20 times. Net Revenues held in the Improvement Fund and available for projects total $53.6 million.
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