Latest news with #InformationDisclosure
Yahoo
04-06-2025
- Business
- Yahoo
KBRA Assigns AA Rating to Various Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport) Airport Revenue Bonds; Affirms Rating for Parity Bonds
NEW YORK, June 04, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport): Airport Revenue Bonds, Series 2025A (Non-AMT); Airport Revenue Bonds, Series 2025B (AMT); Airport Revenue Refunding Bonds, Series 2025C (Non-AMT); and, Airport Revenue Refunding Bonds, Series 2025D (AMT). KBRA additionally affirms the long-term rating of AA for the Authority's outstanding Airport Revenue Bonds. The rating Outlook is Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Market position as primary commercial airport for the broad and diverse Detroit CSA (the 14th most populous metropolitan area in the U.S.) supports significant O&D activity that forms the basis for hubbing. Delta's continuing commitment to the Airport and its strategic value as a core, mid-continent hub, and gateway for international service. Low airline costs and limited future capital needs. Credit Challenges Passenger enplanement activity has recovered substantially from pandemic lows, though continues to trail the overall U.S. air market due to diminished connecting activity when compared to the pre-pandemic period. Enplanement dependency on Delta. Rating Sensitivities For Upgrade A sustained trend of deleveraging accompanied by sustained, long-term growth in airport utilization. For Downgrade While not expected, a significant and sustained reduction in Delta service. Material increase in leverage without a commensurate rise in resources available for repayment. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. General Airport Revenue Bond Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009672 View source version on Contacts Analytical Contacts Peter Scherer, Senior Director (Lead Analyst)+1 Peter Stettler, Senior Director+1 Douglas Kilcommons, Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
03-06-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust VIII
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series A Notes and Series B Notes issued by Willis Engine Structured Trust VIII (WEST VIII), an aviation ABS transaction. WEST VIII represents the ninth aviation ABS transaction serviced and sponsored by Willis Lease Finance Corporation (the Company ). The Company is comprised of 437 individuals operating out of 10 offices with headquarters in Coconut Creek, Florida. As of March 31, 2025, the Company owned 347 aircraft engines and 16 aircraft. A portion of the proceeds from the Series A Notes and Series B Notes (together, the Notes) will be used to refinance the existing WEST IV transaction and acquire a portfolio of 64 assets (the Portfolio). The portfolio includes 52 narrowbody host engines (85.7% by value), four widebody host engines (12.0%), six turboprop and regional jet host engines (1.7%), and two narrowbody airframes (0.7%), all on lease to 24 lessees located in 17 jurisdictions. The prior figures include the off-lease assets of which there are five narrowbody host engines (6.5%) and one turboprop host engine (0.3%) that are currently off lease. As of April 15, 2025, the weighted average remaining term of the initial lease contracts (excluding the off-lease assets) is approximately 1.9 years. The Portfolio has an initial value of approximately $726.6 million. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009744
Business Wire
02-06-2025
- Business
- Business Wire
KBRA Assigns AA- Rating With Stable Outlook to Canutillo Independent School District, Texas, Unlimited School Building Bonds, Series 2025
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA- with a Stable Outlook to the Canutillo Independent School District, Texas, Unlimited Tax School Building Bonds, Series 2025. Credit Positives The District's strong growth trends in terms of population and tax base valuation due to its location along the important Interstate-10 corridor. Sound level of reserves with an unassigned fund balance ratio of 17.7% as of the end of fiscal year 2024. Experienced management team and sound polices to guide the District through current financial challenges. Credit Challenges Stagnant enrollment and strong competition from neighboring districts which may increase with the implementation of Texas' private school voucher program that may further syphon from the District's student base. Stable revenue trend with limited flexibility to generate additional resources based on state school funding restrictions in the face of increasing expenses, resulting in recent operating deficits. Already high and increasing debt burden as District implements multi-year capital program to relocate and reconstruct its aging school infrastructure. Rating Sensitivities For Upgrade: Increased enrollment resulting in generation of additional revenues based on state's per student funding formula producing consistent operating surpluses without the use of one-time revenues. Growth in reserves to a level that is consistently above District's 90 days of expenditures policy target. For Downgrade: Continued trend in operating deficits resulting in unassigned reserves falling below 10% on a sustained basis. Decreasing enrollment trend resulting from increased competition that erodes revenue generation and increases financial pressure on the District. Construction risk associated with current capital plan resulting in significant increased costs prompting need for additional debt beyond current authorization. To access ratings and relevant documents, click here. Methodologies Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009728
Yahoo
15-05-2025
- Business
- Yahoo
KBRA Assigns Preliminary Ratings to SUA 2025-1 LLC
NEW YORK, May 15, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to two classes of notes issued by SUA 2025-1 LLC (SUA 2025-1), a $133.3 million tri-servicer property tax lien securitization between American Tax Lien (the Master Servicer), LLC, Sower Tax Lien Fund I, LLC (Sower), and US Assets, LLC (US Assets and, each, an Originator). SUA 2025-1 represents each of the Originator's first tax lien ABS securitization. Proceeds from the Notes will be used to acquire a portfolio of 16,751 property tax lien assets from municipalities within eight states, including Illinois (29.5%), Nebraska (25.8%), and Louisiana (20.0%), with a redemptive value of approximately $114.8 million (the Initial Tax Liens) and a weighted average original lien rate of 11.6%. The Master Servicer was originally founded in 2013 and is a specialty finance holding company that purchases real estate tax liens from government entities, mainly in Cook County, IL. Sower and US Assets were each founded in 1999 and purchase real estate tax liens from government entities across the Midwest and South. To access ratings and relevant documents, click here. Click here to view the report. Methodologies ABS: Property Tax Lien ABS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009427 View source version on Contacts Analytical Contacts Michael Lepri, Senior Director (Lead Analyst)+1 Ronan Brew, Analyst+1 Alan Greenblatt, Managing Director (Rating Committee Chair)+1 Business Development Contact Arielle Smelkinson, Senior Director+1
Scoop
28-04-2025
- Business
- Scoop
BARNZ Supports MBIE's Review Of Airport Regulation
Press Release – BARNZ Auckland, 28 April 2025 – The Board of Airline Representatives of New Zealand (BARNZ) welcomes the review of airport regulation being conducted by the Ministry of Business, Immigration and Employment's (MBIE) Competition Policy team. 'The landscape for airports has substantially changed since airport regulation was first put in place. Auckland Airport (AIAL) is now New Zealand's largest monopoly airport – receiving more than 75 per cent of all aircraft flying into, out of and around New Zealand,' says Cath O'Brien, Executive Director at BARNZ. 'In addition, Auckland Airport now owns 25% of Queenstown Airport Company (QAC). QAC has seen greater growth than any other New Zealand Airport post-pandemic, but is not regulated at all, despite having substantial capital plans of its own.' As New Zealand's greatest monopoly airport, Auckland Airport has taken decisions to spend some $5.9 billion dollars of aeronautical capital between 2023 and 2032 – and took decisions on this before 'consultation' with its airline customers was concluded. 'Having the right regulation in place is important,' says O'Brien. 'Auckland, Wellington and Christchurch Airports are regulated using Information Disclosure. This monitoring regime is the weakest option available in the Commerce Act. Unfortunately, it is backwards looking – which is why the Commerce Commission Report on AIAL prices struck in 2023 is not published until 2025. When airports need to make substantial capital investment which all travellers must pay for, there is no oversight of that spend in the planning – only analysis after the fact.' O'Brien says the Information Disclosure regime as applies to airports rewards capital expenditure. 'Because airports can set their own return for any capital costs – the higher the proposed capital cost is, the greater the financial reward for airport shareholders. When AIAL sets a capital cost of $5.9 billion dollars – its eyes are focused on their target return. Prices for this period were set targeting 8.73%; a number the regulated monopoly felt it could get away with despite being out of step with the Commission's Input Methodologies.' AIAL's landing charges have risen substantially since 2023. AIAL has increased landing charges for airlines flying regional routes by 60% between 2023 and 2024. O'Brien says the campaign against the cost of regional flying by airport companies should look closely at the costs being brought to bear on the system by Auckland Airport. 'Prices for all airlines have risen, and will rise further. AIAL's price rises are putting substantial pressure on the aviation system as a whole, and consuming the capacity of airline customers to pay. This makes it more challenging to pay for air traffic control from Airways New Zealand, for Civil Aviation Authority costs, or for the costs of Customs and Biosecurity. Passengers are ultimately payers for all this unchecked spend.' O'Brien also highlights why the Information Disclosure regulation is not sufficient oversight for substantial capital costs. 'The review of prices completed under Information Disclosure examines things like cost of capital in detail – but does not examine or permit capital spend. 'There are other regulatory tools available in the Commerce Act which do offer options for review of capital expenditure. One of these is an Independent Price Path (IPP), as applies to Transpower. An IPP is the right tool to plan large investments in New Zealand's electricity system – the same consideration should apply to aviation.' BARNZ also welcomes MBIE's comments about whether the 'dual till' settings are appropriate in the context of capex like AIAL's $5.9 billion dollars. 'New Zealanders might assume that income that AIAL earns from property leasing, car parking, or retail would contribute to the capital costs AIAL tells travellers are needed. 'Unfortunately, this income is not regulated and does not contribute to aeronautical costs – excluding an imbalanced allocation which applies to shared services.' BARNZ believes Auckland Airport's capex would be much more affordable if the airport company's commercial earnings contributed to the costs. 'Under current regulatory settings – all capital costs are charged to travellers while AIAL's shareholders enjoy a healthy regulated return,' says O'Brien. 'On behalf of airlines doing their best to make their businesses work in a high-cost market like New Zealand, BARNZ is pleased to see these questions being asked,' says O'Brien. 'We remain in regular conversation with officials and Ministers to ensure New Zealand's regulatory settings are able to respond well to the significant capital plans of monopoly airports. We need to make sure charges for outsize airport investment do not create a permanent cost burden for our aviation system – risking New Zealand's tourism and economic recovery.'
