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KBRA Assigns BBB- Preliminary Rating to JFK NTO LLC’s $1.5 Billion Special Facilities Revenue Bonds

KBRA assigns its BBB- preliminary rating to JFK NTO LLC’s proposed $1.5 billion special facilities revenue bonds (series 2024 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 2024 bonds will be used to refinance a portion of the outstanding term loan, which was issued in 2022.

This design-build-finance-operate-and-maintain project at Terminal One—JFK’s only exclusively international terminal—is the largest terminal redevelopment effort within a wider redevelopment plan for the airport. The project operates under a lease agreement through December 30, 2060, with the Port Authority of New York and New Jersey (PANYNJ).

A design-build (DB) agreement has been executed with Tishman Construction Corporation of New York (the DB Contractor) for Phase A of NTO, which encompasses a $5.7 billion brownfield development of a new Terminal One on the sites of the Former Terminals Two and Three and the former Green Garage. Phase A of NTO will provide a 1.8 million-sf terminal with 13 widebody contact gates and one temporary widebody gate. The construction plan has been designed to minimize disruptions and allow Existing Terminal 1 to continue to operate through completion of Phase A in 2026.

The borrower will manage NTO in conjunction with Ferrovial Airports US Operation and Management Services LLC (Ferrovial Airports), which will provide consulting, technical services, and staff training before and after the date of beneficial occupancy (DBO). The project is led by a consortium formed by Ferrovial, Carlyle, JLC Infrastructure, and Ullico (collectively, the sponsors).

To access rating and relevant documents, click here.

Click here to view the report.



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004622


Analytical Contacts

Adeeti Amin, Senior Director (Lead Analyst)

+1 646-731-2332

Maria de Urquijo, Senior Director

+1 646-731-3348

Justin Huynh, Director

+1 646-731-1267

Andrew Lin, Senior Director (Rating Committee Chair)

+1 646-731-2483

Business Development Contacts

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

+1 646-731-2337

William Baneky, Managing Director

+1 646-731-2409

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