Summary: Manchester, New Hampshire Manchester-Boston Regional Airport; Airport

Standard & Poors, May 2011

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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.

Abstract
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: Downgraded
Action: Outlook: Stable

Manchester Boston Regl Arpt,Manchester

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