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���������ֳ� has affirmed the ratings for San Jose International Airport (SJC) with a Stable Outlook. SJC's senior lien Airport Revenue Bonds are rated 'A' and second lien bonds are rated 'A-'. The airport benefits from a strong financial profile, including significant cash reserves and manageable capital improvement needs. Despite facing competition from nearby airports and slower recovery to pre-pandemic traffic levels, SJC maintains a competitive cost per enplanement and strong non-airline revenues. Key rating drivers include high midrange revenue risk due to competition, strong pricing framework under a hybrid airline agreement, and a solid infrastructure development plan. The airport's debt structure is stable, with senior fixed-rate bonds and subordinate commercial paper notes. ���������ֳ� projects that SJC will maintain healthy financial metrics with moderate leverage and robust debt service coverage ratios. The airport's financial stability is supported by its affluent service area and strategic location in Silicon Valley.

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