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* We expect NYNJ to record a growth of 4.0% in TEU throughput in 2015, to reach 6.0mn TEUs.
It has affirmed the 'BBB' rating on the $473.7 million (excluding capitalized interest) Transportation Infrastructure Finance and Innovation Authority (TIFIA) loan to NYNJ Link.
Project operations are expected to be self-performed by the NYNJ Link Developer LLC, a subsidiary of MIP III (a fund managed by Macquarie Infrastructure and Real Assets (MIRA) and Kiewit Development Company (KDC)), bringing significant experience in similar assets.
In addition, Fitch has affirmed the 'BBB' rating on the $473.7 million (excluding capitalized interest) Transportation Infrastructure Finance and Innovation Authority (TIFIA) loan to NYNJ Link.
However, the peers have considerably higher ROC multiples (Portsmouth at 16.2x and WVB at 15.5x) when compared to NYNJ Link.
The settlement of the dispute between the NYNJ Port Authority and the design build contractor resulted in an extension of the final completion date to December 2018.
Himelblau is a member of the REBNY organization and was chosen as "Woman In RE" by the NYNJ RE Journal as a top commercial real estate woman in NY
Relevant road and bridge system peers include Portsmouth Gateway Group (PGG; A-/Stable) and NYNJ Link Goethals (BBB/Stable).
Peers: The closest peers are I-69 Development Partners (rated 'BBB'; Outlook Stable) and NYNJ Link Goethals (rated 'BBB'; Outlook Stable).
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- NYNJA STAR
- Nynorsk language