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KBRA Assigns BBB- Preliminary Rating to JFK NTO LLC’s $1.367 Billion Special Facilities Revenue Bonds

KBRA assigns its BBB- preliminary rating to JFK NTO LLC’s proposed $1.367 billion special facilities revenue bonds (series 2025 bonds) for Phase A of the Terminal One redevelopment project, also called New Terminal One (NTO), at New York’s John F. Kennedy International Airport (JFK). The Outlook is Stable. The financing plan originally consisted of a single five-year term loan with two tranches totaling $6.33 billion, along with a $200 million liquidity facility, a $50 million working capital facility, and a $50 million security deposit facility to be borrowed by the New York Transportation Development Corporation, a local development corporation, as conduit issuer, and subsequently on-lent to JFK NTO LLC (the borrower). Funding also includes $2.33 billion of sponsor equity (backed by letters of credit). The series 2025 bonds will be used to refinance a portion of the outstanding term loan, which was issued in 2022.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010253

Contacts

Analytical Contacts

Adeeti Amin, Managing Director (Lead Analyst)

+1 646-731-2332

adeeti.amin@kbra.com

Andrew Lin, Senior Director

+1 646-731-2483

andrew.lin@kbra.com

Andrew Giudici, Global Head of Corporate, Project, and Infrastructure Finance (Rating Committee Chair)

+1 646-731-2372

andrew.giudici@kbra.com

Business Development Contacts

Rosemary Kelley, Senior Managing Director, Head of Structured Finance and Project Finance

+1 646-731-2337

rosemary.kelley@kbra.com

William Baneky, Managing Director

+1 646-731-2409

william.baneky@kbra.com