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Base case financial metrics are strong overall, with 10-year senior DSCR of 2.8x (2.4x when BABs subsidies are treated as revenues)), 2019-2049 average DSCR of 3.7x (3.2x), minimum senior LLCR of 4.3x, and year five senior leverage of 4.9x (5.2x when swap termination values are rolled into debt outstanding).
Fitch's rating case, which incorporates future debt, produces an average total DSCR of 1.6x over the forecast period from the first year of opening through 2055, with minimum and average LLCR's of 1.8x and 3.1x, respectively.
Total initial LLCR of 1.8x gradually strengthens to 2.3x, and subsequently strengthens to over 3.0x as debt matures.
Under Fitch's Base Case, leverage is calculated at 12.78x, while the LLCR in 2018 is 1.94x, both on a consolidated basis.
The resulting average all-in DSCR is 6.6x and with minimum LLCR at 5.4x.
--Operating performance and dilution of structural liquidity resulting in less favorable financial metrics with sustained total debt service coverage ratio (DSCR) and minimum all-in LLCR of less than 1.4x.
ITR's minimum Loan Life Coverage Ratio (LLCR), per the Fitch rating case, is healthy at 2.11x in fiscal 2018.
The rating also reflects overall solid financial metrics under Fitch's rating case scenario, as exhibited by a high average total debt service coverage ratio (DSCR) of 3x (3.6x senior DSCR), a minimum loan life coverage ratio (LLCR) of 2.3x (3.9x), and a strong breakeven that indicates the structure does not require any further revenue growth to pay debt service.
Base case financial metrics are strong overall, with 10-year total DSCR of 1.7x (senior DSCR is 2.9x), lifetime DSCR of 2.3x (3.8x) excluding the final six years when debt service drops significantly, minimum LLCR of 2.4x (4.1x), and year five leverage of 9.6x (10.2x when swap termination values are rolled into debt outstanding) on the subordinate lien and 5.3x (5.8x) on the senior lien.
Costera presents a rating case loan life coverage ratio (LLCR) of 1.41x, deemed adequate for the rating category according to applicable criteria and revenue profile, and strong break-even metrics for the transaction's most important variables.
Metrics: Under Fitch's Rating Case, the project yields minimum debt service coverage ratio (DSCR) of 0.9x, an average DSCR and Loan Life Coverage Ratio (LLCR) of 1.2x, and Net Debt to CFADS of 6.4x.
Financial metrics are strong according to applicable criteria, with a Rating Case loan life coverage ratio (LLCR) of 2.6x and a minimum and average debt service coverage ratio (DSCR) of 1.8x and 3.3x, respectively, as well as adequate leverage, with net debt to cash flow available for debt service (CFADS) ratio of 5.2x.
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- LLD factor
- LLD factor
- LLD factor