KBRA Assigns BBB- Preliminary Rating to JFK NTO LLC’s $1.367 Billion Special Facilities Revenue Bonds
8 Jul 2025 | New York
KBRA assigns its BBB- preliminary rating to JFK NTO LLC’s proposed $1.367 billion special facilities revenue bonds (series 2025 bonds) for Phase A of the Terminal One redevelopment project, also called New Terminal One (NTO), at New York’s John F. Kennedy International Airport (JFK). The Outlook is Stable. The financing plan originally consisted of a single five-year term loan with two tranches totaling $6.33 billion, along with a $200 million liquidity facility, a $50 million working capital facility, and a $50 million security deposit facility to be borrowed by the New York Transportation Development Corporation, a local development corporation, as conduit issuer, and subsequently on-lent to JFK NTO LLC (the borrower). Funding also includes $2.33 billion of sponsor equity (backed by letters of credit). The series 2025 bonds will be used to refinance a portion of the outstanding term loan, which was issued in 2022.
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