New York, April 21, 2016 -- Moody's Investors Service today assigned a provisional (P)Baa3 rating to the New York Transportation Development Corporation's (NYTDC or Conduit Issuer) Special Facilities Bonds (LaGuardia Airport Terminal B Redevelopment Project), consisting of up to approximately $2.354 billion of Tax-Exempt Special Facilities Bonds (LaGuardia Airport Terminal B Redevelopment Project) Series 2016A, up to approximately $150 million of Taxable Special Facilities Bonds (LaGuardia Airport Terminal B Redevelopment Project) Series 2016B and up to $500 million Taxable Special Facilities Bonds, Series 2016C (LaGuardia Airport Terminal B Redevelopment Project). The Series 2016C bonds, if issued, will be privately placed drawdown bonds with a nominal amount drawn at financial close and the remaining funds drawn on a single date between one and two-years after financial close. The exact amount of each series will be dependent on market conditions, though Series 2016B and Series 2016C bonds will be issued mutually exclusive from one another, and the aggregate amount of tax-exempt and taxable bonds is expected to be approximately $2.512 billion. The rating outlook is stable. The rating is based on information provided to Moody's as of April 18, 2016. Upon review of substantially final documents and verification that there have been no material changes to the project documents as reviewed to date, Moody's will assign a final rating.

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