In addition, Fitch analysed MADS coverage using projected 2018 CFADS
from its rating case and coverage is solid at 1.7x, again indicating little reliance on growth as the 2018 CFADS
could more than cover the projected escalation in annual debt service resulting from the additional MOVE Illinois borrowing.
These two sets of ARM observation-based data provide estimates of upper and lower bounds on cloud occurrence by considering potential impacts of insect clutter on the data, and we are producing CFADs
based on both.
of CAPE and LFC also exhibit high LFCs during the Changma period.
Net debt to cashflow available for debt service (CFADS
) is approximately 9.4 times (x).
While debt service coverage and net debt to cash flow available for debt service (CFADS
) will remain low, robust financial flexibility is required to mitigate the risks associated with the airport's smaller traffic base and highly competitive market.
Financial Profile Airport leverage is currently moderate and continues to devolve, to 5.0x (Net Debt to CFADS
) in FY 2017 from over 8.0x in FY 2013.
Total leverage calculated as net debt-to cash flow available for debt service (CFADS
) is moderate for this airport's size at 2.9x, but falls to 1.5x by 2021.
Rating case leverage is projected to increase in the near term, but fall below 7x net debt/cash flow available for debt service (CFADS
) by 2023.
BTV's metrics are expected to remain stable at 1.5x as a result of the airports residual AUL, while net debt-to-cash flow available for debt service (CFADS
) continues to devolve down to about 2.6x.
Financial Profile: GOAA currently has stable financial operations, with strong fiscal 2017 debt coverage at 2.7x (senior) / 2.5x (all-in); relatively low overall fiscal 2017 leverage at 2.7x net debt to cash flow available for debt service (CFADS
); and strong liquidity, at 625 days cash on hand based on fiscal 2017 cash reserves and expenses.
Net debt to cash flow available for debt service (CFADS
) was slightly elevated at about 9.9x in 2017 but has averaged a more moderate 7.9x over the past three years.
Airline revenues are adjusted to meet minimum coverage levels per the fully residual AUL averaging 1.3x, while net debt-to-cash flow available for debt service (CFADS
) reaches 9.1x by 2023, and CPE average $10.15.