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S&P Credit Research906 word report
published Nov 03, 2009
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| Abstract: | NEW YORK (Standard&Poor's) Nov. 3, 2009--Standard&Poor's Ratings Services has lowered its long-term ratings on Rhode Island Economic Development Corp.'s airport revenue bonds outstanding, issued on behalf of the Rhode Island Airport Corp. (RIAC), to 'BBB+' from 'A-'. The outlook is stable. "In our opinion, the downgrade reflects an increasing cost structure, continued enplanement declines, and decreasing debt service coverage, all of which had been projected to stabilize by this time when the corporation issued bonds in May 2008," said Standard&Poor's credit analyst Adam Torres. The rating reflects our assessment of the credit profile of Rhode Island's T.F. Green International Airport, a medium-hub airport that provides low-cost carrier service to a stable service area. T.F.
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| Brief Excerpt: | RESEARCH Ratings Definitions Rhode Island Economic Development Corp. Airport Revenue Bonds Downgraded To '###+' From 'A-' On Higher Cost Structure Publication date: 03-Nov-2009 Primary Credit Analyst: Adam Torres, New York (1) 212-438-2481;...
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| Report Type: | Ratings Action
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| Issuer: | Rhode Island Econ Dev Corp
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| Sector: | Global Issuers, Public Finance
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| Country: | United States
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| Region: | United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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