Albany County Airport Authority, NY Debt Rating Raised To #A#; Outlook Stable

Stocks and Financial Services Press Releases Friday June 15, 2018 09:21
CENTENNIAL--15 Jun--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) June 14, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A' from 'A-' on Albany County Airport Authority, N.Y.'s debt outstanding. The outlook is stable.

The raised rating reflects the application of our updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions," published March 12, 2018 on RatingsDirect.

"The rating on the authority's debt reflects our opinion of strong enterprise risk and financial risk profiles," said S&P Global Ratings analyst Kenneth Biddison. Our enterprise risk profile assessment reflects an origin-and-destination airport, Albany International Airport (ALB), and recent growing enplanement trends that we expect will remain at least stable, although there has been some weakness in economic downturns. The financial risk profile assessment reflects our opinion that the authority's coverage metrics will remain strong as the debt burden moderately increases because of the need to fund a portion of the capital improvement plan for additional parking capacity. Similarly, although we expect ALB's debt burden to rise, potentially $12 million depending on grant funding, we expect the airport's debt and liabilities capacity to remain very strong.

The stable outlook reflects our expectation that enplanements will remain generally stable and that coverage, per our calculations, will remain strong.
We could raise the rating if enplanement trends materially improve to levels we view as sustainable reflective of an improved competitive position.
Although unlikely, we could lower the rating if demand materially weakens or significantly more additional debt than expected is issued, pressuring financial margins to lower levels consistently.
The authority manages two primary runways, a 290,000-square-foot terminal, and almost 7,000 parking spaces. The small air traffic hub airport is located about seven miles from downtown Albany.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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