Research Update: Jets Stadium Development LLC Bond Ratings Outlook Revised To Stable From Negative; Ratings Affirmed

We revised our outlook on Jets Stadium Development LLC's (Jets StadCo's) $200 million series 2007A-1 bonds (SPUR [S&P underlying rating]), $195 million series 2007A-3 bonds, and $255 million project revenue series 2007A-4 bonds (SPUR) to stable from negative. The stable outlook reflects our view that a downgrade is unlikely based on robust revenue collections in the third quarter resulting from a return to near-normal operations after the COVID-19 stadium restrictions last year led to no fan attendance and minimal revenues. The 'BBB-' rating on the stadium's bonds is supported by the project's highly contracted revenue profile, the team's strong franchise, the venue's capacity to drive event revenue, and our forecasted minimum debt service coverage of 1.48x, which provides for an

...- We revised our outlook on Jets Stadium Development LLC's (Jets StadCo's) $200 million series 2007A-1 bonds (SPUR [S&P underlying rating]), $195 million series 2007A-3 bonds, and $255 million project revenue series 2007A-4 bonds (SPUR) to stable from negative. - The stable outlook reflects our view that a downgrade is unlikely based on robust revenue collections in the third quarter resulting from a return to near-normal operations after the COVID-19 stadium restrictions last year led to no fan attendance and minimal revenues. - The '###-' rating on the stadium's bonds is supported by the project's highly contracted revenue profile, the team's strong franchise, the venue's capacity to drive event revenue, and our forecasted minimum debt service coverage of 1.48x, which provides for an adequate operational-variance cushion at the current rating....

Research Update