Business News first on FIR:
NEW YORK–()–Kroll Bond Rating Agency (KBRA) releases a report which discusses the favorable positioning of many airport sector credits to withstand the near-term adverse effects of sharply reduced passenger activity in the coronavirus (COVID-19) environment.
KBRA recently took rating action on the airport sector. We view the airports characterized by funded debt service reserves and substantial unrestricted liquid balance sheet assets as providing flexibility to management teams as they face sharply reduced passenger activity and revenues. This is particularly critical in a setting in which COVID-19 cases are increasing daily at an accelerating rate and there is great uncertainty as to the flattening of the infection curve and the ultimate severity and duration of the outbreak.
Click here to view the report.
KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.