Moody's announces completion of a periodic review for a group of Airport issuers

New York, September 15, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.

The principal methodology used for the rated entities listed below was Generic Project Finance Methodology  published in January 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Generic Project Finance Methodology

Size and Market Profile: Metrics may include but are not limited to scope of operations as measured by operating revenue or usage volume (such as annual ridership or traffic volume) and service area population, network, project or facility size, physical limitations on types of services which can be provided and ease of expansion; strategic positioning exhibited by pricing power, competitive profile including proximity to competing facilities and sustainability of such competitiveness, monopoly position, essentiality of an asset to users, ability to generate demand based on strength and size of service area; capital investment funding and flexibility, diversity as measured by ratio of single largest revenue source to operating revenue; charter renewal risk, ownership and affiliation; service area wealth, economic diversity, income, size and growth rate as measured by data provided by the US Bureau of the Census, Bureau of Labor Statistics and commercial data vendors (where applicable).

Operating Performance and Risk: Metrics may include but are not limited to annual revenue, 3 year average operating margin, 5 year compound growth rate of operating revenue, stability and predictability of revenues, diversity of revenue from various payors/contributors/ operations; size and trend of operating cash flow margin or EBITDA; service area trend and utilization data, fixed costs as a portion of operating expenditures; measures of historic and expected usage measured by standard deviations of year over year; length of time in operation of asset; historic demand and revenue trends, demonstrated ability and willingness to raise rates and/or economic regulation; complexity of relevant technology; availability of cash flow to fund capital needs, operating performance relative to industry norms; quality of operator & experience with the asset type; strength and commitment of sponsor & likelihood of operational and financial support; protections in the concession and regulatory framework; restrictions on business activities, use of debt and revenue distributions.

Financial Position, Policy and Ownership: Metrics may include but are not limited to amount of cash & investments; days cash on hand; ratio of total cash and investments to operating expenses; debt service coverage; level of self-support; budget flexibility, operating cash flow margin, liquidity to demand debt, liquidity reserves or contractual arrangements. Assessments may include but are not limited to an Issuer's desired capital structure / credit profile, and its adherence to its commitments and our views on the ability of the company to achieve its targets, an assessment of the likelihood and potential negative impact of M&A or other types of balance-sheet-transforming events, and the likelihood of uncontracted financial support being provided by owners; and the protective terms of debt documentation including but limited to restrictions on business activities, use of debt and revenue distributions; and control and liquidity afforded to creditors.

Debt Affordability: Metrics may include but are not limited to size and scope of multi-year CIP (capital improvement plan) relative to condition of assets that will rely on debt for funding; ratio of total cash and investments to debt and/or interest payments; ratio of debt to operating revenue; debt service coverage and ratios; ratio of debt to cash flow and to operating revenue; interest coverage metrics and concession life coverage ratios; debt and debt equivalents.

-     BOSFUEL Project

The principal methodology used for the rated entities listed below was Privately Managed Airports and Related Issuers published in September 2017. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Privately Managed Airports and Related Issuers

Size and Market Profile: Metrics may include but are not limited to scope of operations as measured by operating revenue or usage volume (such as annual ridership or traffic volume) and service area population, network, project or facility size, physical limitations on types of services which can be provided and ease of expansion; strategic positioning exhibited by pricing power, competitive profile including proximity to competing facilities and sustainability of such competitiveness, monopoly position, essentiality of an asset to users, ability to generate demand based on strength and size of service area; capital investment funding and flexibility, diversity as measured by ratio of single largest revenue source to operating revenue; charter renewal risk, ownership and affiliation; service area wealth, economic diversity, income, size and growth rate as measured by data provided by the US Bureau of the Census, Bureau of Labor Statistics and commercial data vendors (where applicable).

Operating Performance and Risk: Metrics may include but are not limited to annual revenue, 3 year average operating margin, 5 year compound growth rate of operating revenue, stability and predictability of revenues, diversity of revenue from various payors/contributors/ operations; size and trend of operating cash flow margin or EBITDA; service area trend and utilization data, fixed costs as a portion of operating expenditures; measures of historic and expected usage measured by standard deviations of year over year; length of time in operation of asset; historic demand and revenue trends, demonstrated ability and willingness to raise rates and/or economic regulation; complexity of relevant technology; availability of cash flow to fund capital needs, operating performance relative to industry norms; quality of operator & experience with the asset type; strength and commitment of sponsor & likelihood of operational and financial support; protections in the concession and regulatory framework; restrictions on business activities, use of debt and revenue distributions.

Financial Position, Policy and Ownership: Metrics may include but are not limited to amount of cash & investments; days cash on hand; ratio of total cash and investments to operating expenses; debt service coverage; level of self-support; budget flexibility, operating cash flow margin, liquidity to demand debt, liquidity reserves or contractual arrangements. Assessments may include but are not limited to an Issuer's desired capital structure / credit profile, and its adherence to its commitments and our views on the ability of the company to achieve its targets, an assessment of the likelihood and potential negative impact of M&A or other types of balance-sheet-transforming events, and the likelihood of uncontracted financial support being provided by owners; and the protective terms of debt documentation including but limited to restrictions on business activities, use of debt and revenue distributions; and control and liquidity afforded to creditors.

Debt Affordability: Metrics may include but are not limited to size and scope of multi-year CIP (capital improvement plan) relative to condition of assets that will rely on debt for funding; ratio of total cash and investments to debt and/or interest payments; ratio of debt to operating revenue; debt service coverage and ratios; ratio of debt to cash flow and to operating revenue; interest coverage metrics and concession life coverage ratios; debt and debt equivalents.

-     JFK Terminal One Group, The

The principal methodology used for the rated entities listed below was Publicly Managed Airports and Related Issuers published in March 2019. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Publicly Managed Airports and Related Issuers

Size and Market Profile: Metrics may include but are not limited to scope of operations as measured by operating revenue or usage volume (such as annual ridership or traffic volume) and service area population, network, project or facility size, physical limitations on types of services which can be provided and ease of expansion; strategic positioning exhibited by pricing power, competitive profile including proximity to competing facilities and sustainability of such competitiveness, monopoly position, essentiality of an asset to users, ability to generate demand based on strength and size of service area; capital investment funding and flexibility, diversity as measured by ratio of single largest revenue source to operating revenue; charter renewal risk, ownership and affiliation; service area wealth, economic diversity, income, size and growth rate as measured by data provided by the US Bureau of the Census, Bureau of Labor Statistics and commercial data vendors (where applicable).

Operating Performance and Risk: Metrics may include but are not limited to annual revenue, 3 year average operating margin, 5 year compound growth rate of operating revenue, stability and predictability of revenues, diversity of revenue from various payors/contributors/ operations; size and trend of operating cash flow margin or EBITDA; service area trend and utilization data, fixed costs as a portion of operating expenditures; measures of historic and expected usage measured by standard deviations of year over year; length of time in operation of asset; historic demand and revenue trends, demonstrated ability and willingness to raise rates and/or economic regulation; complexity of relevant technology; availability of cash flow to fund capital needs, operating performance relative to industry norms; quality of operator & experience with the asset type; strength and commitment of sponsor & likelihood of operational and financial support; protections in the concession and regulatory framework; restrictions on business activities, use of debt and revenue distributions.

Financial Position, Policy and Ownership: Metrics may include but are not limited to amount of cash & investments; days cash on hand; ratio of total cash and investments to operating expenses; debt service coverage; level of self-support; budget flexibility, operating cash flow margin, liquidity to demand debt, liquidity reserves or contractual arrangements. Assessments may include but are not limited to an Issuer's desired capital structure / credit profile, and its adherence to its commitments and our views on the ability of the company to achieve its targets, an assessment of the likelihood and potential negative impact of M&A or other types of balance-sheet-transforming events, and the likelihood of uncontracted financial support being provided by owners; and the protective terms of debt documentation including but limited to restrictions on business activities, use of debt and revenue distributions; and control and liquidity afforded to creditors.

Debt Affordability: Metrics may include but are not limited to size and scope of multi-year CIP (capital improvement plan) relative to condition of assets that will rely on debt for funding; ratio of total cash and investments to debt and/or interest payments; ratio of debt to operating revenue; debt service coverage and ratios; ratio of debt to cash flow and to operating revenue; interest coverage metrics and concession life coverage ratios; debt and debt equivalents.

-     Alaska (State of) Airport Enterprise

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