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Summary: Manchester, New Hampshire Manchester-Boston Regional Airport; Airport
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services has lowered its rating on the City of Manchester, N.H.'s airport revenue bonds outstanding, issued for the Manchester-Boston Regional Airport (MHT), to 'BBB+' from 'A-'. The outlook is stable. The downgrade reflects our view of still-declining passenger traffic, a high debt burden, and continued weak debt service coverage (DSC) levels. Specifically, credit concerns include our assessment of the following: Declining enplanements, with a 15% drop in fiscal 2010 (year ended June 30) and projected 4.9% decline for fiscal 2011; Continued weak financial margins, including DSC in 2010 of 1.19x (Standard & Poor's-calculated), and debt per enplanement of $156; and Bond provisions that allow for the credit of a variety of revenues sources, including passenger facility...
Companies mentioned in this report are: Manchester Boston Regl Arpt,Manchester
Action: Outlook: Stable
Manchester Boston Regl Arpt,Manchester