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.


Latest Press Release

Fitch Affirms Siam Cement #A+(tha)#; Outlook Stable

Fitch Ratings (Thailand) Limited has affirmed The Siam Cement Public Company Limited's (SCC) National Long-Term Rating at 'A+(tha)' with Stable Outlook. The agency has also affirmed SCC's senior unsecured rating at 'A+(tha)' and National Short-Term...

The Republic of Ecuador Announces the Results of Its Invitation for Offers to Tender for Cash Its 2020 Notes

The Republic of Ecuador ("Ecuador") announced today the results of its invitation for each holder to submit offers (the "Offers") to tender for cash the notes set forth in the table below (collectively, the "Old Notes"), upon the terms and subject to the...

Citi, Societe Generale, DNB and other leading international banks promote greener global shipping through new principles

- Banks to disclose climate alignment of shipping portfolios with International Maritime Organization's 50% emissions reduction by 2050 strategy Rocky Mountain Institute, Global Maritime Forum and UCL Energy Institute announced today that 11 major...

Photo Release: SCB reaffirms its financial service excellency with seven prestigious awards from The Asset

Siam Commercial Bank Global Transaction Banking Services Division Executive Vice President Mr. Ittiphan Jearkjirm led a team in celebrating seven prestigious from The Asset, a leading financial and investment magazine for the Southeast Asia region. The...

MFC launches MPII fund investing in both Thai and foreign securities in property and/or infrastructure sector, dividend units class IPO 17-26 June 2019

MFC launches MFC Property and Infrastructure Flexible Income Fund or MPII investing in both Thai and foreign securities in property and/or infrastructure sector. The Fund will pay dividend no more than 4 times per year. The dividend units class IPO is...

Related Topics