NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of A- with a Stable Outlook to the City of Manchester, NH General Airport Revenue Bonds (GARBs). The rating applies to all of the Airport’s outstanding airport revenue bonds.
The GARBs are special obligations of the City, payable solely from and secured by a pledge of the net airport revenues of Manchester-Boston Regional Airport (MHT). Revenues are defined in the bond resolution to include all revenues, rentals, investment earnings and other moneys received by or on behalf of the City from or in connection with the ownership and operations of all or any part of the Airport Property. Specifically, revenues are defined as all tolls and charges, landing fees, terminal rentals, real property rentals, concession fees, parking receipts, and interest income. PFC revenues do not constitute pledged revenues, but they can be used to offset airport revenue bond debt service.
MHT is owned and operated by the City of Manchester, New Hampshire. It is classified as a small-hub airport and is situated 5 miles south of downtown Manchester and 50 miles north of Boston, MA. The terminal has 14 passenger gates that can easily accommodate additional airline traffic if necessary. MHT is serviced by Southwest, Delta and ten regional carriers and affiliates. Southwest is the major airline serving MHT and regularly accounts for over half of enplanements. The Airport currently offers nonstop service to New York City, Chicago, Washington D.C., Atlanta, Philadelphia, Tampa Bay, and Orlando. The market for air travel is almost exclusively origination and destination passengers from within MHT’s primary service area.
The MHT management team is highly experienced. In KBRA’s opinion, they employ forward thinking policies and procedures and have positive relations with airlines. They have also demonstrated a strong ability to manage airport operations and finances while facing significant challenges.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).