| Title: | Summary: Niagara Falls Bridge Commission, New York; Insured Liquidity; Toll Roads Bridges |
| Price: | $175.00 |
| Publication Date: | May 06, 2008 |
| Report Type: | Summary |
| Abstract: | Standard&Poor's Ratings Services assigned its 'A' underlying rating (SPUR), and stable outlook, to Niagara Falls Bridge Commission, N.Y.'s series 1993 toll revenue bonds, based on a three-bridge system benefiting from sound debt service coverage (DSC), strong liquidity, and no additional revenue debt plans. Specific credit strengths include: The commission has had exceptional historical liquidity, with nearly 4,300 days' unrestricted cash on hand and more than 170% of unrestricted cash to debt at fiscal year-end Oct. 31, 2007; The commission has a relatively strong legal structure, including a rate covenant and an additional bonds test requiring net toll revenue to be at least 1.3x maximum annual debt service (MADS). Under the indenture, non-toll revenues (essentially rents from government leases) |
| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Niagara Falls Bridge Commission, New York; Insured Liquidity; Toll Roads Bridges Publication date: ##-May-#### Primary Credit Analyst: Adam Torres, New York (#) ###-###-####; adam_torres@standardandpoors.com... |
| Word Count: | 1542 |
| Issuer: | Niagara Falls Br Com |
| Sector: | Public Finance |
| Country: | United States |
| Region: | United States |
| Format: | 
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