Latest news with #NTO
Business Wire
23-07-2025
- Business
- Business Wire
KBRA Assigns BBB- Ratings to JFK NTO LLC's $1.367 Billion Special Facilities Revenue Bonds and Affirms Existing Ratings
NEW YORK--(BUSINESS WIRE)--KBRA assigns its BBB- ratings to JFK NTO LLC's aggregate $1.367 billion special facilities revenue bonds (series 2025 bonds), and affirms the existing ratings associated with JFK NTO LLC's senior secured facilities for Phase A of the Terminal One redevelopment project, also called New Terminal One (NTO), at New York's John F. Kennedy International Airport (JFK). A portion of the series 2025 bonds ($600 million) benefit from a financial guaranty policy issued by Assured Guaranty Municipal Corp., which has a KBRA rating of AA+. The Outlook is Stable. The financing plan originally consisted of a single five-year term loan with two tranches totaling $6.33 billion, along with a $200 million liquidity facility, a $50 million working capital facility, and a $50 million security deposit facility to be borrowed by the New York Transportation Development Corporation, a local development corporation, as conduit issuer, and subsequently on-lent to JFK NTO LLC (the borrower). Funding also includes $2.33 billion of sponsor equity (backed by letters of credit). Together with other available sources, the series 2025 bond proceeds will be used for Phase A project costs. As of this financing, there will be $5.917 billion in bonds outstanding, and the term loan will be fully refinanced. 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: 1010479
Business Wire
08-07-2025
- Business
- Business Wire
KBRA Assigns BBB- Preliminary Rating to JFK NTO LLC's $1.367 Billion Special Facilities Revenue Bonds
NEW YORK--(BUSINESS WIRE)--KBRA assigns its BBB- preliminary rating to JFK NTO LLC's proposed $1.367 billion special facilities revenue bonds (series 2025 bonds) for Phase A of the Terminal One redevelopment project, also called New Terminal One (NTO), at New York's John F. Kennedy International Airport (JFK). The Outlook is Stable. The financing plan originally consisted of a single five-year term loan with two tranches totaling $6.33 billion, along with a $200 million liquidity facility, a $50 million working capital facility, and a $50 million security deposit facility to be borrowed by the New York Transportation Development Corporation, a local development corporation, as conduit issuer, and subsequently on-lent to JFK NTO LLC (the borrower). Funding also includes $2.33 billion of sponsor equity (backed by letters of credit). The series 2025 bonds will be used to refinance a portion of the outstanding term loan, which was issued in 2022. 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: 1010253
Yahoo
16-05-2025
- Business
- Yahoo
Ferrovial posts 19% EBITDA growth in Q1 2025
Ferrovial has registered a 19.1% increase in adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to €309m ($346.05m) in the first quarter (Q1) of 2025. The rise was attributed to robust performance across all business divisions. The company's revenue reached €2.1bn, marking a 7.4% growth, with the US Highways division significantly contributing to this rise. The Highways division saw a 14.1% revenue increase to €324m, primarily due to growth in North America. US Express Lanes reported notable revenue per transaction growth, despite weather and calendar challenges. In Canada, 407 ETR demonstrated strong performance with double-digit EBITDA growth. Ferrovial's Construction division achieved a 3.3% adjusted EBIT margin, continuing its positive trend and improving from last year's performance. The order book reached a record €17.2bn, with North America contributing 45%, Poland 24%, and Spain 14%. In the Airports division, construction of the New Terminal One (NTO) at JFK International Airport advanced by 6% in the first quarter. Currently, NTO has secured 18 airline agreements, with 13 contracts executed and five letters of intention. As of 31 March 2025, Ferrovial reported €5.3bn in liquidity and a consolidated net debt of -€1.8bn. In the quarter, the company completed the sale of a 50% stake in AGS Airports for €538m and received €19m in dividends from projects during this period. Additionally, Ferrovial allocated €156m to shareholder distributions and €152m to equity injections in the NTO project. Ferrovial CEO Ignacio Madridejos said: 'We saw strong revenue growth across our North American assets during the first quarter, driven by robust underlying activity in the regions where these assets are located. 'We deliver the connectivity our customers demand. Our Construction division reported a healthy order book, with anticipated limited exposure to macroeconomic uncertainty.' This February, Ferrovial, through its UK construction division, was awarded a £230m contract for the Grain to Tilbury electricity infrastructure upgrade project by National Grid. "Ferrovial posts 19% EBITDA growth in Q1 2025" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Ferrovial starts 2025 with solid results
Highways in North America delivered strong revenue performance Construction reported growth in order book and profitability AMSTERDAM, May 13, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, delivered significant growth in the first quarter of 2025, boosted by strong performance in all business divisions. Both revenue and adjusted EBITDA increased, mainly driven by U.S. highways. "We saw strong revenue growth across our North American assets during the first quarter, driven by robust underlying activity in the regions where these assets are located. We deliver the connectivity our customers demand. Our Construction division reported a healthy order book, with anticipated limited exposure to macroeconomic uncertainty," said Ignacio Madridejos, Ferrovial CEO. Adjusted EBITDA amounted to €309 million in the first quarter of 2025, a 19.1% increase year over year in like-for-like terms, while revenue totaled €2.1 billion, a 7.4% growth in like-for-like terms, boosted by substantial growth across the board. Ferrovial closed the first quarter with a solid financial position, with liquidity of €5.3 billion and consolidated net debt of -€1.8 billion, excluding infrastructure projects in both cases. During this period, the company completed the sale of a 50% stake in AGS Airports for €538 million and received €19 million in dividends from projects. Ferrovial allocated €156 million to shareholder distributions and €152 million to equity injections in the New Terminal One (NTO) at JFK International Airport. Operating results The Highways division's revenue grew 14.1% in like-for-like terms to €324 million, driven by solid growth in North America. U.S. Express Lanes posted robust revenue per transaction growth, significantly outpacing inflation. However, the traffic was impacted by weather conditions and the calendar effect. In Canada, the 407 ETR showed outstanding performance during the first quarter, with double-digit EBITDA growth, despite adverse weather conditions and the leap year effect in 2024. 407 ETR approved a CAD 200 million dividend to be paid in the second quarter, 14.3% higher than last year's dividend in the same period. The Construction division reached a 3.3% adjusted EBIT margin, continuing the positive trend from previous quarters and showing a significant improvement compared to last year's performance. Order book reached an all-time high of €17.2 billion. North America accounted for 45%, Poland 24% and Spain 14%. In the Airports division, the New Terminal One at JFK International Airport progressed as planned, with construction advancing by 6% in the first quarter. As of today, NTO has reached 18 airline agreements with 13 executed contracts and five letters of intention. Conference call information Ferrovial will host a conference call on May 14 at 15:00 CEST / 9:00 a.m. EDT to discuss Q1 financial results. To access the earnings call, click here or visit KEY FIGURES(Million euro) Q1 2025 Q1 2024 Change 1/2 Revenue 2,059 1,879 7.4 % Adjusted EBITDA2 309 254 19.1 % Adjusted EBIT2 199 152 28.3 %Q1 2025 Dec 2024Consolidated net debt2 5,636 6,061Net debt, excluding infrastructure projects2 -1,847 -1,794 Q1 2025 Dec 2024 Change 1/2 Construction order book1/2 17,187 16,755 4.4 %(1) In like-for-like terms (2) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q12025 results report. HIGHWAYS: PERFORMANCE Q12025 VS Q12024 ChangeTraffic Rev/Transaction NTE -5.7 % 13.8 % LBJ 2.2 % 10.0 % NTE 35W 2.9 % 8.9 % I-77 0.4 % 21.8 % I-66 3.7 % 25.6 % ChangeVKT* Rev/Transaction 407 ETR 1.9 % 22.5 %*Vehicle kilometers travelled About Ferrovial Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain's blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index (former Dow Jones Sustainability Index) and strives to conduct all of its operations in compliance with the principles of the UN Global Compact, which the Company adopted in 2002. View original content to download multimedia: SOURCE Ferrovial 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
Ya Biladi
07-05-2025
- Business
- Ya Biladi
Royal Air Maroc to launch operations from JFK's New Terminal 1 in 2026
Royal Air Maroc and The New Terminal One (NTO)—the new Terminal 1 at New York's John F. Kennedy (JFK) International Airport—have signed a strategic partnership that will allow the national airline to operate its flights from the new terminal starting in June 2026. This milestone marks a new chapter in the airline's growth strategy in the United States. This long-term partnership is part of Royal Air Maroc's broader strategy to strengthen transatlantic ties between Africa and the Americas while offering an enhanced customer experience through one of its key international gateways, the two parties stated in a joint press release. The New Terminal One is a central element of the JFK airport transformation project, spearheaded by the Port Authority of New York and New Jersey. Backed by a $19 billion investment, the ambitious initiative aims to position JFK as a premier global gateway. The project includes the creation of two new terminals, the modernization and expansion of two existing terminals, a new ground transportation center, and a completely redesigned and simplified road network. Currently, Royal Air Maroc operates its flights to Casablanca from the existing Terminal 1 at JFK, with two daily frequencies using Boeing 787 aircraft. Beginning in June 2026, the airline will relocate its operations to the new Terminal 1. Royal Air Maroc will be the first oneworld alliance member to operate from the new Terminal 1, joining a growing community of leading international airlines, including Air France, KLM, Etihad, LOT Polish Airlines, Korean Air, EVA Air, Air Serbia, SAS, Neos, Philippine Airlines, Turkish Airlines, Air New Zealand, and Air China.
