Summary: New York City Industrial Development Agency Aero JFK LLC; Non-recourse proj, single or multi tenants, entert Jan 12
Standard & Poors, January 2012
Abstract
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: Affirmed
Action: Outlook: Negative
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.
Aero JFK LLC,Port Auth of New York & New Jersey,New York City Indl Dev Agy
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
