PubFinCriteria_2006_part1_final1.qxp
however, utilities may choose to include a debt serv- ice reserve simply for the sake of prudence. Some utilities have taken adv ...
therefore collection rates are as strong as that for the water and sewer fund. Unlike water and sewer ratings, there is typical- ...
The strength of a utility’s operational profile and cost competitiveness is rooted in its portfolio of power supply resources. S ...
its viability. A utility whose fixed obligations cause rates to be above market levels is unlikely to be able to fully recover t ...
Service Area An analysis of a utility’s service area entails a review of its customer base and demographic characteristics. Stan ...
for systems that have high debt due to their invest- ments in high-cost generating assets and the extend- ed use of capitalized ...
“carryover coverage”, or one-time revenue sources would likewise have negative rating consequences, especially if such funds are ...
years. The former approach adds more credit strength. Substitution of cash-funded reserve by a surety bond and/or LOC obtained f ...
ties, as well as the capacity for those facilities to accept outside waste will be examined. The assess- ment will also consider ...
mitigated is factored into the analysis. For example, if the revenue stream depends heavily on a second- ary revenue stream, suc ...
trends, regulatory outcomes, and the long-term pat- terns of various cost pressures. As such, they claim that trying to measure ...
I n recent years, growth and expansion of new entrants to the airline industry once dominated by established network carriers ha ...
Given the declining number of viable carriers and the proliferation of hubs, it is unlikely in other cases that a departing hub ...
ports can be viewed as residual-like enterprises with no outflows of cash to governments or investors. In most instances an airl ...
the parameters under which future debt holders may claim on revenues on an equal basis as existing bondholders. Most ABTs in the ...
offset by nonairline revenue sources. This obliga- tion effectively guarantees certain revenues, but is only sufficient to satis ...
L everaging passenger facility charges (PFCs) has proven to be an effective tool as airports look to maximize their debt-issuing ...
projections must be justified and consistent with historical trends. Faster-than-expected growth can result in the air- port rea ...
and not available to other carriers if requested by management; ■Not including the depreciation or capital costs of PFC-financed ...
when the collection occurred. A fully funded debt service reserve also provides security if delays or timing issues with regard ...
«
2
3
4
5
6
7
8
9
10
11
»
Free download pdf