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Summary: New York City Industrial Development Agency Aero JFK LLC; Non-recourse proj, single or multi tenants, entert Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services has affirmed its 'BBB-' rating on New York City Industrial Development Agency's (NYCIDA) series 2001A and 2001B taxable bonds issued for Aero JFK LLC. The outlook is negative. The rating reflects our assessment of market risks in tenant turnover and re-letting, and forecast demand for cargo handling facilities. We believe additional liquidity from the lease structure and strong oversight the Port Authority of New York and New Jersey as landlord mitigates these weaknesses. More specifically, the rating reflects the following risks: Re-letting risks at the end of lease terms, with Alliance Airlines and Lufthansa Cargo AG leases expiring June 30, 2013; Slim debt service coverage (DSC) in fiscal 2011 at 1.1x that we project will...
Companies mentioned in this report are: Aero JFK LLC,Port Auth of New York & New Jersey,New York City Indl Dev Agy
Action: Outlook: Negative
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Aero JFK LLC,Port Auth of New York & New Jersey,New York City Indl Dev Agy