Burlington airport earns improved bond rating outlook from Moody’s

first_imgBurlington International Airport (BTV),Moody’s announced Wednesday an improvement in Burlington International Airport’s revenue bond outlook from Ba1 negative to Ba1 stable on the City of Burlington’s $43.16 million revenue bonds. This improved outlook is the result of a variety of reasons which are outlined below.Gene Richards, left, listens as Mayor Miro Weinberger speaks during the announcement last November that Allegiant Air would be offering seasonal, direct service to Orlando.BTV’s Director of Aviation, Gene Richards, said, ‘The improvement in the bond rating demonstrates the bright future ahead for the airport and shows the hard work of the BTV Team, through the direction of the Mayor, in ensuring that BTV remains financially strong for many years to come.’’ The rating incorporates the airport’s diverse carrier base and revenue mix, and improving liquidity and financial performance.’  The fundamental strength of the Burlington economy is incorporated in the rating, coupled with the lack of direct competition that is likely supportive of future increased rates and charges at the airport. For future ratings, Moody’s will especially look at improvement in enplanements, which have trended down in recent years.‘The improvement in the Airport’s rating outlook ‘ coming on the heels of the upgraded BED rating outlook and successful wastewater bond refinancing ‘ is more evidence that the City of Burlington has turned the corner in its long-term effort to restore the City’s finances and reputation,’ said Mayor Miro Weinberger.’  ‘This progress is the product of much hard work and commitment by the airport staff, City financial officials, the Airport Commission, and the City Council.’  We still have a long way to go with City and Airport finances and will continue our focus.’  We appreciate the broad support on this issue from the Burlington community.”Appropriately $43.160 million of outstanding debt affectedNew York, January 15, 2014 — Moody’s Investors Service has affirmed the Ba1 rating and revised the outlook to stable from negative on the City of Burlington’s $43 million Airport Revenue Bonds.’ RATING RATIONALE:The Ba1 rating reflects weakness in the airport’s market position shown by recent enplanement declines as well as its financial volatility shown in recent years. The rating also recognizes the airport’s diverse carrier base and revenue mix, and improving liquidity and financial performance. The fundamental strength of the Burlington economy is incorporated in the rating, coupled with the lack of direct competition that is likely supportive of future increased rates and charges at the airport.’ OUTLOOKThe stable outlook reflects the airport’s rising enplanement trend for the first half of fiscal year ending June 30, 2014, as well as the improving debt service coverage ratio (DSCR) and liquidity.’ What Could Change the Rating – UPThe rating could be pressured upward if the airport experiences reliable enplanement growth, improves debt service coverage to above 1.4x (calculated per net revenue) on a sustained basis and is able to restore and maintain liquidity to a reasonable level.’ What Could Change the Rating – DOWNThe rating could be pressured downward if liquidity and debt service coverage falls below current levels, and if leverage increases are not supported by enplanements. Also, the rating could face negative pressure if the FAA inquiry regarding possible grant program violations at the airport have a material impact.’ STRENGTHS* Large education and health care presence in City of Burlington, VT’ * Diversity of the airport revenues, including significant parking and concession revenues aside from airline derived revenues’ * Diversified airline carrier mix that minimizes passenger diversion to airports in Albany, NY and Manchester, NH.’ CHALLENGES* Volatile financial performance evidenced by debt service coverage below rate covenant of 1.25x in FY2009 and FY2010’ * Low liquidity compared to Moody’s airport sector median as measured by 122 days cash on hand in FY2012’ * Declining enplanements in recent years’ RATING METHODOLOGY’ The principal methodology used in this rating was Airports with Unregulated Rate Setting published in July 2011. Please see the Credit Policy page on www.moodys.com(link is external) for a copy of this methodology.’ REGULATORY DISCLOSURES’ For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com(link is external).’ Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.’ Please see www.moodys.com(link is external) for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.last_img read more

VSP: Fatal crash in Athens

first_imgVermont Business Magazine On 11/13/2019, at approximately 1:27 hours, Troopers from the Vermont State Police Westminster Field Station were dispatched to a report of a motor vehicle crash on VT-35 in the Town of Athens, near the intersection of VT-121.Upon arrival, Troopers located a fuel delivery truck laying on the driver’s side off the east edge of the roadway.Subsequent investigation determined: Vehicle #1 (V1) was traveling southbound on VT-35 from the VT-121 interchange when it left the west edge of the roadway, crossed back over the sound and northbound lanes and then struck a tree.The deceased victim has been identified as Adam M Muchmore, age 35, of Walpole, NH. Muchmore was the operator and sole occupant of the vehicle.The Vermont State Police was assisted by the, Saxtons River Fire Department, the Bellows Falls Fire Department, the Westminster Fire Department, Golden Cross Ambulance Service and Hillside Towing.This crash is still under investigation.CASE#: 19B106539                                                           RANK/TROOPER FULL NAME: Tpr. Z. Van ValkenburghSTATION: Westminster Field Station                                       CONTACT#: 802-722-4600DATE/TIME: 11/13/2019, at approximately 1:27PMSTREET: Vermont Route 35TOWN: AthensLANDMARK AND/OR CROSS STREETS: Between Sleepy Hollow Road and Vermont Route 121.WEATHER: Sub freezing temperatures with no precipitation.       ROAD CONDITIONS: Dry, clear and free of any hazards.VEHICLE #1OPERATOR: Adam M MuchmoreAGE: 35     SEAT BELT? NoCITY, STATE OF RESIDENCE: Walpole, New HampshireVEHICLE YEAR: 2020VEHICLE MAKE: FreightlinerVEHICLE MODEL: Fuel body truckDAMAGE TO VEHICLE #1: totaledINJURIES: FatalHOSPITAL: N/AVEHICLE #2: NoneCOURT ACTION: None,Yeslast_img read more

Personal Finance: 5 areas you can’t ignore

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Selena MaranjianPersonal finance is not just something to think about now and then, such as when you review your bank statement. It affects your life on a daily basis. Below are five critical categories of personal finance. Ask yourself how well prepared you are in each and how you might do better.1. Credit and debtIf you have significant credit card debt, you need to pay it down pronto. Fortunately, it can be done. One good strategy is tackling your highest-interest-rate debt first. Switching to paying for most things with cash instead of credit cards can also help by reining in spending.Beyond that, you need to strive for a spotless credit report and strong credit score. Check your credit report regularly and for free, have errors fixed, and build a high score. While access to your credit report has been free for quite a while, peeking at your credit score is harder to do. That’s changing lately, though; Discover credit cards, for one, now include FICO credit scores on monthly statements. Healthy credit is a key aspect of personal finance.2. InsuranceYes, you might have home insurance, car insurance, and health insurance, but how about life insurance if anyone relies on your income? How about renter’s insurance if you rent your home? This personal finance category also includes umbrella insurance that offers excess liability protection, which insures you against lawsuits. Disability insurance can protect your income stream in case you become unable to work. Long-term care insurance can support you if you need to be cared for at home or in an assisted-living facility for a while. It’s well worth exploring, as you’re more likely to need it than you might expect, and buying it while you’re relatively young can save you a lot of money. continue reading »last_img read more

AFGlobal, Advanced Insulation Enter Cooperation Agreement

first_imgAFGlobal Corporation has entered into an agreement with Advanced Insulation Systems who will become the exclusive applicator for AFGlobal’s Cuming insulation products. This agreement applies to all subsea insulation structures and jumpers. “This agreement leverages the product superiority of our Cuming insulation C-THERM line and the application expertise of Advanced Insulation Systems to help ensure the optimal insulation solution for our clients,” commented Roland Kennedy, Global Product Line Director, Subsea Systems for AFGlobal.“As we expand our growing subsea product offering, we will continue to look for partnerships that will enable us to service our clients’ needs globally, achieve the best results using proven best practices, and deliver competitive pricing.”C-THERM epoxy-based insulation products are the high temperature and deep depth rated systems currently available (up to 350°F at 10,000 feet). C-THERM materials are available in a full range of products and forms designed for ease of installation and adaptability to all surfaces and shapes. It can be used to insulate the entire subsea system—risers, connecting lines, trees, manifolds and pipeline weld joints—forming a complete deepwater thermal barrier.Press Releaselast_img read more

BDP Project Logistics opens Aberdeen office

first_img“We are delighted to be formally extending our Aberdeen presence into BDP’s European footprint,” said Luc Van Heygen, BDP Project Logistics managing director for the Americas and Europe. “The ‘Oil Capital of Europe and Gateway to the North Sea’, as it’s sometimes referred to, has been under our due diligence for some time. The most compelling data from our research has revealed logistics / transportation decision-makers in the oil and gas sector here are looking above and beyond one-size-fits-all service solutions.The very nature of the industry necessitates a much more intensive customer service business model; a more high-touch, high-speed premium service experience for front line decision-makers who need and expect more.”Crawford Hendy (seen below), branch manager, and Marc Clarke, sales manager, bring to BDP more than 45 years of experience in the North Sea sector. Hendy has been involved in freight forwarding in the region for more than 30 years. Clarke has more than 15 years of both operational and sales experience in the North Sea, Middle East and African markets. Significantly both men have worked for major oil and gas companies.With the support of BDP’s global network of more than 140 offices in over 120 countries, the Aberdeen office will offer a full range of ocean, air, charter and road freight services. In addition to traditional freight forwarding activities, it will provide third-party warehousing, domestic and international distribution, on- and off-site packing and crating, customs consulting, and assistance with legal documentation. The newly established office complements and completes the global BDP Oil and Gas organisation, which has a strategic presence with competency centres in all major deployment hubs, including Houston, Aberdeen, Dubai and Singapore.The Aberdeen office will play a key role in developing the hub and region, while offering a hub-and-spoke solution for its UK oil and gas clients, exporting to and importing from the Gulf of Mexico, South America, the Caspian Sea, the North Sea, CIS, Middle East, West Africa and Asia. By channeling cargoes through regional hubs, it will coordinate deliveries to mainline ports and airports, as well as inland destinations.The address of the new office is: BDP Project Logistics, Caledonian House, Lawson Drive, Dyce, Aberdeen, United Kingdom AB21 0DR. Tel: +44 1224 796650 Fax: +44 1224 796651 Email: crawford.hendy@bdpprojects.comlast_img read more

Port of Vancouver, USA welcomes M/V Pac Suhail on maiden voyage

first_imgCaptain Capt. Corbeanu Gheorghe of Romania and his 21-member crew were greeted by Gary Martinke, port manager for Inchcape Shipping Services, and port representatives Lars Uglum, Katie Odem, Mark Newell, Rena Bellamy and Victoria Averett.Having sailed from Samarinda, Indonesia, the multi-purpose container and bulk carrier unloaded windmill components for Nordex USA, Inc.Pictured, from left: Rena Bellamy and Victoria Averett, Port of Vancouver; Gary Martinke, Inchcape Shipping Services; Capt. Corbeanu Gheorghe, M/V Pac Suhail; Lars Uglum and Mark Newell, Port of Vancouver.www.portvanusa.comlast_img read more

Government-sponsored panel launched to make UK ‘LawTech capital’

first_imgSupercharging innovation in the legal technology industry will be the focus of a review by a new panel that aims to make the UK the ’perfect’ destination for LawTech companies. The LawTech Delivery Panel, launched at today’s LegalGeek conference and co-sponsored by the Ministry of Justice (MoJ) and the Law Society, will tackle challenges in areas including: regulation; ethics; commercial dispute resolution; and education and training.Speaking at the conference, Law Society President Christina Blacklaws said: ’England and Wales is already a jurisdiction of choice for legal services and we hope to be the same for LawTech businesses. Working with the industry is a priority for the panel. We want to understand their goals and how government, industry and legal professionals can help them get there.’The panel includes Sir Geoffrey Vos, chancellor of the High Court, and professor Richard Susskind. Lord Keen of Elie, the Lords spokesperson for the MoJ, is also on the panel, as is Blacklaws.Lord Keen said: ‘I’ve seen first-hand the cutting-edge initiatives already underway across the country to develop a legal services sector in which new technology can thrive. That is why I am delighted to be working closely with partners across the industry to ensure the UK remains at the forefront of the global LawTech revolution.’last_img read more

Tarragona bypass contracts

first_imgSPAIN: The Ministry of Development has awarded contracts totalling €205m for a connection between the Valencia – Barcelona route and the Madrid – Barcelona high speed line, replacing single track through built-up areas between Vandellós and Tarragona.A joint venture of FCC Construcción, Copasa and Coalvi has been awarded a tracklaying contract worth €1298m. The route will be 1668 mm gauge as far as a gauge-changing facility near a new Tarragona Central station, with a 2·3 km spur to the existing Reus – Tarragona route. Electrification is to be undertaken by Cobra, Elecnor and SEMI for €548m. Four substations will be required for the 1668 mm gauge line electrified at 3 kV DC, while the standard gauge section has been designed for 25 kV. Azvi and Copisa will build a €204m station at Cambrils on a viaduct 126 m across, widening to 28 m in the station area to accommodate two platforms.last_img read more

Commonwealth Secretary General Defends Track Record

first_imgInternationalNewsPolitics Commonwealth Secretary General Defends Track Record by: – February 21, 2020 Tweet Share Share 165 Views   no discussionscenter_img Sharing is caring! Share (Jamaica Observer) – Embattled Commonwealth Secretary General Baroness Patricia Scotland yesterday defended her track record amid reports that she may not be granted an automatic second term when her current term ends in March.Earlier this month Britain suspended its funding for the Commonwealth Secretariat after Baroness Scotland was criticised by internal auditors for awarding a lucrative consultancy contract to a company run by a friend.Auditors also said that the secretariat waived procurement rules no less than on 50 occasions over a three-year period.However, she told the Caribbean Media Corporation (CMC) yesterday that “there are a number of misconceptions and it is very unfortunate that a number of stories have been posted which are inaccurate and fallacious”.She maintained that the proper procedure was followed when the contract was awarded to fellow Labour peer Lord Patel.“The procurement process was absolutely adhered to. When I came into office on the first of April I was not responsible for the process that had gone before me. I was advised by the then Australian DSG (deputy secretary general) who I had total faith in, and I still have total faith in, that the process that was being adopted was the right process,” Scotland told CMC.Some Commonwealth countries, including Britain, have suspended voluntary contribution to the Commonwealth Secretariat in the wake of the audit report.London has withheld its funding of £4.7 million, joining New Zealand and Australia in doing so until the secretariat’s financial systems are tightened up and tested by external auditors.The Commonwealth Secretariat is the central administrative hub for the intergovernmental organisation that comprises 54 countries – many of them former British colonies – and encompasses almost a third of the world’s population.But the 64-year-old Commonwealth Secretary-General said, “I have been told and I can only believe what countries tell me, is that they wanted to have certain issues clarified before the money could be sent forward.“They gave six issues last month; five of those issues have already been dealt with, and one more remains which will be completed by the end of this month. So I hope that any proper impediment that people might have thought was in the way will be absolutely moved.”She also defended the secretariat’s performance under her leadership as “the most transparent and accountable system of any international organisation.“We have just posted on the [Commonwealth] website all of our data. This is the most transparent and accountable system I think of any international organisation. I don’t know that anyone else is doing what we’re doing, and I’m very proud that for each of the years I have been secretary general, our auditors have given us a totally clean audit. Our audit from our auditors is also online for anyone to look at,” she said.last_img read more

Jon Jones Continues to Lose to the Man he Faces in the Mirror!

first_img Related TopicsDaniel CormierJon JonesMMAUFCUFC 200 NORTH OLMSTED, Ohio – Tiger Woods cheated on his wife. Pete Rose gambled on the game. There s a pretty good chance that Barry Bonds took steroids and Babe Ruth had a drinking problem. Michael Jordan liked to gamble and may have even resulted in the death of his father. (urban legend). Jim Brown hung a woman out of the window by her ankles. All these men are the greatest in their sports history, all these men are also troubled by a checkered past. Once again, another sport with it’s greatest athlete in trouble, for reasons and causes only he himself, could have prevented.Jon Jones has zero legit losses on his record and has beaten more hall of famers and legends then anyone in the history of the sport. Jones is the greatest pound for pound fighter in the history of MMA. His biggest wins have come against Shogun Rua, Lyoto Machida, Rampage Jackson, Rashad Evans, Chael Sonnen, Daniel Cormier, Glover Teixeira, Vitor Belfort, and Ryan Bader.He had defended the title 8 straight times before he was stripped of it. His only challenge was against Alexander Gustafsson at UFC 165 in September of 2013. No one else has ever come close to even pushing him. He dominated DC in their previous bout at UFC 182.Just days after I was impressed by the incredible effort of Johnny “Bones” Jones at UFC 182, I sat there saddened as the news had just broke that he failed his pre fight drug test.He didn’t fail for it the normal reason most fighters do however, it was shocking to discover that he failed it because traces of cocaine were found in his system. This is not only a fail for the fighter, but also a giant letdown for his legions of fans. He tested positive for benzoylecgonine, the primary metabolite of cocaine.A week after his first test, Jones was tested again. He passed the second test, which meant that the cocaine metabolite was out of his system before the fight. When the news was made public, Jones went into rehab for one night. He was fined $25,000 on January 17 for violating the UFC’s Athlete Code of Conduct policy.UFC President and voice of the organization, Dana White, wasted no time going into immediate damage control and showed full support for his fighter when he released these comments earlier that evening,“I am proud of Jon Jones for making the decision to enter a drug treatment facility. I’m confident that he’ll emerge from this program like the champion he truly is.”Jones would check out after just one day.It was just the latest of several incidents with Jones inside and outside of the cage that had many wondering if the wunderkind can handle the pressures of fame at such a young age. He had been criticized by fans and media for repeatedly poking his opponents in the eyes.He was arrested on May 19, 2012, for driving his Bentley Continental GT into a pole in Binghamton, New York. He later plead guilty to DUI charges.He just always seemed to be at the heart of drama and couldn’t seem to keep his nose clean. Despite being the greatest MMA fighter in the history of the sport, fans and friends worried about him because of his dangerous ways outside of the cage.Jones was stripped of the title only a short while later when his bad boy ways simply wouldn’t stop. On April 27, 2015, it was confirmed by police in Albuquerque, New Mexico that Jones was being sought in connection with a hit-and-run early the previous morning. Jones was alleged to have run a red light and crashed his rental car in a collision involving two other vehicles. Jones allegedly fled the scene of the crash on foot, leaving an injured pregnant woman behind in another vehicle.Paperwork found in the car was under the name of “Jonathan Jones”. Inside the silver Buick SUV, law enforcement found a pipe of marijuana with marijuana inside of it. An arrest warrant was issued against Jones and surrender arrangements were made between law enforcement and Jones’ lawyers. Dana White and the UFC had seen enough, and despite his talent in the cage, simply couldn’t allow him to get away with any more. The UFC stripped Jones of the title, removed him from the official rankings, and suspended him indefinitely. Just like that, the greatest fighter in the history of the sport was without his title.After over a year on the sidelines, Jones apparently cleaned up his act and returned to the Cage at UFC 197 on April 23, 2016 where he defeated opponent Ovince St. Preux to win the UFC Interim Light Heavyweight Title. This also set up the rematch with Cormier for UFC 200.As recently as two hours ago, it stood to be the greatest rematch in UFC history, and only a little over 48 hours away. Both men were healthy, nothing should have kept it from happening, and then the wheel came off the car, AGAIN!Per Jeff Novitzky. He has been flagged by USADA stemming from a test on 6/16.Just like that his road to redemption ends, and his claim to be the greatest ever hits another roadblock. Once again, not because of anyone he faced in the cage, but because of the toughest competitor he has had his entire life, the man looking back at him in the mirror everyday. At this point, we can only hope that Jones gets his act together soon, as with his talent he has all the tools to be the biggest role model in sports. No one, and I mean no one, wants to see this young phenomena turn into the next Mike Tyson.You can follow Vince McKee on twitter at VinceTheAuthor Vince McKeelast_img read more