Summary: Austin, Texas; Non-Recourse Proj, Single or Multi Tenants, Entert

S&P Global Ratings lowered its ratings 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 Severe Passenger Declines And Weakening Credit Metrics,"

...S&P Global Ratings lowered its ratings 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). A first-lien pledge of CFCs on rental car transactions and other revenues, including some contingency fees, secures the bonds. Under the pledge's terms,...

Summary