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TIFIA |
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Federal money was made available under a program called TIFIA, under which the government is saying, in effect, "To encourage private investment in this project, we will take a back seat to the banks when it comes to repaying our loan. Fitch's 'BBB' rating and Stable Outlook reflect the economic strength of the rental car market at Miami International Airport (MIA) that supports the generation of customer facility charge (CFC) revenues and, if required, contingent rent that secure the TIFIA loan; as well as an innovative financing structure and legal provisions that largely insulate the loan from the near term effects of significantly higher than expected construction costs and uncertain project opening. Nevertheless, disbursements under the TIFIA loan are dependent upon the LTA's ability to perform, which is pressured and may be further pressured if additional cost increases and/or schedule delays materialize. |
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