72 percent, was written for a term of 10 years with a 25-year amortization, and delivers debt service coverage
Even so, Fitch expects that JEA's future debt service coverage
will remain in line with 2006 levels (approximately 2x, given the rising annual debt service).
As a result, actual debt service coverage
exceeds the 1.
Debt service coverage
for the subordinate and senior tax allocation bonds, including the new issues, is sound with fiscal 2007 projected revenues covering maximum annual debt service (MADS) 1.
Under Fitch scenarios which project 4%-6% annual traffic increases, well below the 9% average rate of the past six years, debt service coverage
would remain under the rate covenant, and would require an estimated $1.
Financial operations are sound, generating solid debt service coverage
and adequate operating margins.
The 'A+' rating reflects the sound debt service coverage
provided by pledged tax increment revenue, the CCCRA's diversity and importance to wealthy Palm Beach County (rated 'AAA' by Fitch), strong growth, and potential for continued development, along with solid legal provisions.
The 'A' rating on FAU's housing system bonds is supported by the financial viability and adequate debt service coverage
generated by the integral and self-supporting housing system, strong student demand, and FAU's credit profile.
Fitch's primary credit concerns are Sunnyside's thin debt service coverage
with a high reliance on turnover, future capital needs, and difficult labor market.
The 'AA' rating reflects RTA's growing and diverse service area; strong pledged sales tax support with high debt service coverage
levels; the essentiality and demand for the transit services supported by pledged revenues; and solid operational and financial performance.
The 'AA-' rating for the new series 2006A sales tax revenue bonds (FasTracks bonds) reflects strong debt service coverage
by RTD's sales tax pledge, a flexible capital plan, a high additional bonds test, and RTD's overall strong underlying credit fundamentals.
The ratings are based on rental income derived from military housing allowances, the demand for affordable rental properties for junior military personnel in San Diego, debt service coverage
levels generated by the project, and the legal structure with respect to the different classes of bonds.