Sports & Exhibition Authority of Pittsburgh and Allegheny County
CUSIP 724799BF7
- Issue Currency: United States of America Dollars
- Announcement Date: 29-Jan-2016
- News: Sports & Exhibition Authority of Pittsburgh and Allegheny County has issued USD 67995M, 5% fixed rate bond due 01-Feb-2031. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 01-Feb-2019
- News: S&P Global Ratings raised its long-term rating and underlying rating (SPUR) on Sports & Exhibition Authority of Pittsburgh and Allegheny County (SEA), Pa.`s series 2017 parking system revenue bonds to `A` from `A-`. The outlook is stable. The rating action is a result of applying our updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions," published March 12, 2018. The rating reflects our opinion of the pledged parking system`s strong enterprise risk and financial risk profiles. The enterprise profile assessment reflects a parking system of three garages and seven surface lots that provide convenient parking at competitive rates for visitors to Pittsburgh`s North Shore entertainment and business district and to the city`s central business district. We also considered the system`s favorable utilization rate and good mix of users that consists of commuters, transient users, and sporting events users. Our assessment, however, is tempered by the relatively small size of the system with 6,094 total spaces, its moderate concentration among the parking facilities, and its geographic concentration, though free mass transit service from the parking facilities (mostly in North Shore) to the city`s central business district mitigates this somewhat. The financial profile assessment reflects our expectation that coverage will be near or above 2x with relatively level annual debt service requirements, and that the system`s debt capacity will remain extremely strong as a result of no additional needs and manageable capital needs we expect will be funded from cash from operations or cash reserves. We also considered the system`s weak unrestricted cash levels, tempered by money in the parking system`s general fund, though such money could fund necessary capital needs of non-pledged assets. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 01-Feb-2019
- News: S&P Global Ratings raised its long-term rating and underlying rating (SPUR) on Sports & Exhibition Authority of Pittsburgh and Allegheny County (SEA), Pa.`s series 2017 parking system revenue bonds to `A` from `A-`. The outlook is stable. The rating action is a result of applying our updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions," published March 12, 2018. The rating reflects our opinion of the pledged parking system`s strong enterprise risk and financial risk profiles. The enterprise profile assessment reflects a parking system of three garages and seven surface lots that provide convenient parking at competitive rates for visitors to Pittsburgh`s North Shore entertainment and business district and to the city`s central business district. We also considered the system`s favorable utilization rate and good mix of users that consists of commuters, transient users, and sporting events users. Our assessment, however, is tempered by the relatively small size of the system with 6,094 total spaces, its moderate concentration among the parking facilities, and its geographic concentration, though free mass transit service from the parking facilities (mostly in North Shore) to the city`s central business district mitigates this somewhat. The financial profile assessment reflects our expectation that coverage will be near or above 2x with relatively level annual debt service requirements, and that the system`s debt capacity will remain extremely strong as a result of no additional needs and manageable capital needs we expect will be funded from cash from operations or cash reserves. We also considered the system`s weak unrestricted cash levels, tempered by money in the parking system`s general fund, though such money could fund necessary capital needs of non-pledged assets. For Bond Document please visit www.BondPDF.com
