San Jose Ca Airport

Fitch Rates San Jose, CA Series 2011A Airport Rev Bonds 'A-'; Outlook Negative

NEW YORK--( BUSINESS WIRE )--Fitch Ratings assigns an 'A-'rating to the city of San Jose, California's approximately $150 million series 2011A airport revenue refunding bonds and affirms the 'A-' rating on approximately $1.026 billion of outstanding airport revenue bonds. The bonds are secured by net revenues of the airport, including operating grants and customer facility charge (CFC) collections on rental car transactions. The 2011A bonds will be used to refund outstanding commercial paper which was issued to refund the series 2004 auction-rate securities and cash fund a debt service reserve. The Rating Outlook on all bonds is Negative.

RATING RATIONALE:

The Negative Outlook reflects:

--The airport's elevated risk profile due to the combined effects of multi-year enplanement declines;

--The airport's high leverage driven by the use of debt-financing for the recently completed terminal area improvement plan (TAIP), and the airport's $312 in debt per enplaned passenger, or approximately 22 times (x)-25x in net debt to cash available for debt service, including outstanding commercial paper;

--Future uncertainty regarding traffic recovery given the airport's history of above-average traffic volatility resulting from the highly competitive air service area.

The 'A-' rating reflects the following:

--The airport's nearly 100% origination and destination traffic base but with more limited schedule offerings than nearby competitors;

--The underlying size and strength of the airport's service area which is the 13th largest in the U.S.;

--Modern infrastructure with a recently completed terminal complex, rental car facility, and other airfield improvements allowing for very limited capital needs going forward;

--The highly competitive nature of the air service area, with San Francisco and Oakland airports located approximately 30 miles from the airport, resulting in a volatile enplanement history, and highly leveraged debt position;

--The airport's increasingly high cost structure, which will remain pressured in the near-to-medium term due to the airport's ascending debt profile.

Record Rain in San Jose? « Musings from the Chiefio

The day is still young, the clouds are still here, and drops are still in the air, so that number could rise, but as of now we’ve got 0.07 inches of rain. Yeah, 7/100 inch is not a whole lot. BUT, look at those OTHER numbers. Hard Zero all across.

It is quite bizarre to have this much cloud cover and ANY rain drops at all in the end of June.

We’ve been having a “every couple of weeks” dip into the “Cold Side Of The Jet Stream” as a Rossby Wave passes by.

You can see that in this monthly graph from Wunderground:

Oddly, just a bit up the freeway at Moffett Field NAS, it’s a bit cooler. So I’m left wondering why KSJC is where all the local stations send you when you ask for the history of THAT station, but instead get the hot International Airport history… (Wunderground seems to have instituted the policy of hiding the history from anywhere that isn’t an airport. The better to prevent anyone from demonstrating just how much Airport Heat Island is contaminating our temperature records lately…)

If you open those two and align them as a ‘blink’ between them, you get the interesting spectacle of two very large air fields, both just a tiny ways from The Bay, both just a couple of miles from each other, and yet the San Jose International is clearly hotter. Just look at the where the “normal” lines run and you can see that.

If you go about 25 miles south, but about the same distance from the ocean and with the winds blowing in from about the same direction (but clearly with at least a couple of stronger gusts) you some to Salinas. A small “farm town” airport. It is significantly cooler than KSJC.

I’ve looked at this “up down and sideways” and it sure looks to me like SJC has a bit warmer “cold nights” than the nearby non-airport stations. Wunderground won’t let me have their history, so I can’t demonstrate it with their graphs ( I’ll need to learn how to make graphs from other data to do that. Perhaps NOAA, perhaps another source). But frankly, it’s pretty clear that the International Airport is one of the hotter places around for trying to take the temperature of the place, and that it is strongly biased to warmer (especially when compared to the cow fields of 1950.

Extension of Runway 12R/30L at San Jose International Airport in the City of San Jose, Santa Clara County, California, draft environmental impact report/environmental assessment

Hotel & motel red book

San Jose's Historic Downtown

Air pollution from aircraft operations at San Jose Municipal Airport, California

The Portuguese in San Jose