Austin, TX Series 2013 Rental Car Special Facility Revenue Bond Rating Lowered To 'BBB+' From 'A'

CENTENNIAL (S&P Global Ratings) Aug. 27, 2020--S&P Global Ratings lowered its long-term rating to 'BBB+' from 'A' on the City of Austin, Texas' rental car special facility revenue bonds, taxable series 2013, of which approximately $139.4 million of principal is outstanding; and removed the rating from CreditWatch, where it had been placed with negative implications Aug. 7, 2020. The outlook is negative. On Aug. 7, 2020, the ratings on Austin Bergstrom International Airport's (AUS) customer facility charge (CFC) debt, along with many other airport ratings were placed on CreditWatch with negative implications to reflect the COVID-19 pandemic's material weakening impact on traffic levels, expected financial performance metrics, and overall credit quality. (See "U.S. Airport Ratings Placed On CreditWatch Negative On

...August 27, 2020 CENTENNIAL (S&P Global Ratings) Aug. 27, 2020--S&P Global Ratings lowered its long-term rating to '###+' from 'A' on the City of Austin, Texas' rental car special facility revenue bonds, taxable series 2013, of which approximately $139.4 million of principal is outstanding; and removed the rating from CreditWatch, where it had been placed with negative implications Aug. 7, 2020. The outlook is negative. On Aug. 7, 2020, the ratings on Austin Bergstrom International Airport's (AUS) customer facility charge (CFC) debt, along with many other airport ratings were placed on CreditWatch with negative implications to reflect the COVID-19 pandemic's material weakening impact on traffic levels, expected financial performance metrics, and overall credit quality. (See "U.S. Airport Ratings Placed On CreditWatch Negative On Severe Passenger Declines And Weakening Credit Metrics," published on RatingsDirect). "The rating action and negative outlook reflect our expectation that rental...

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