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Announcement:

Moody's maintains A2 on Massachusetts Port Authority Special Facility Revenue Bonds (BOSFUEL Project)

Global Credit Research - 28 Mar 2014

Approximately $95.6 million of rated debt outstanding

New York, March 28, 2014 -- Moody's maintains the A2 ratings on the Massachusetts Port Authority Special Facility Revenue Bonds (BOSFUEL Project) outstanding in the amount of $95.6 million. The outlook is stable. The bonds are supported by fuel flowage fees collected for the airport's fuel farm.

SUMMARY RATING RATIONALE

The rating is based on the strength of the structure supporting the bonds, the essential nature of the fuel system at a large, international airport, and the stable payment history. The outlook is stable.

STRENGTHS

* Pledge of facilities rent from all member airlines with a step-up requirement for all members for any financial shortfalls

* Monopoly provider of jet fuel at the airport for air carriers

*History of limited expenditure growth and strong fee collection from non-members and airlines in bankruptcy keep costs low for member airlines

CHALLENGES

* Debt service reserve fund is a key structural component providing critical liquidity to manage disruptions in debt service payments

* Sum sufficient rate covenant and limited requirements for issuing additional bonds provide weak legal protections to bondholders

* Potential for additional costs from necessary system improvements, environmental remediation, or changes in environmental legislation that require system modifications

Outlook

The stable outlook is based on Moody's expectation that member airlines will continue to provide full financial support for all costs related to the fuel system and will pay any additional increases in costs, and that the airline membership will remain fairly stable.

What could change the rating--UP

Improved financial position of member airlines or greater cash reserves could place positive pressure on the rating.

What could change the rating--DOWN

Dramatic changes in environmental remediation costs or in capital costs in order to keep the system in compliance with tightening environmental legislation could have a negative effect on the ratings. In addition, events that reduce the strong market position of the airport relative to major nearby airports or a significant reduction in the number of member airlines could negatively affect the rating

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Generic Project Finance Methodology published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery

Please see Moody's Ratings Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the time horizon in which a credit rating action may be after a review or outlook action took place

Please see ratings tab on the issuer page on www.moodys.com for the last rating action and the history of the rating. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com/disclosures for further information.

Please see the ratings disclosure page on www.moodys.com/disclosures for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Earl Heffintrayer
Asst Vice President - Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Chee Mee Hu
MD - Project Finance
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's maintains A2 on Massachusetts Port Authority Special Facility Revenue Bonds (BOSFUEL Project)
No Related Data.
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