29.11.2012 18:17
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South Carolina Technology and Aviation Center -- Moody's Affirms Baa2 Rating on the South Carolina Technology and Aviation Center's Airport Revenue Bonds, Outlook Revised to Stable

Approximately $5.2 million in rated debt outstanding

New York, November 29, 2012 -- Moody's Investors Service has affirmed the Baa2 rating on the Greenville County, SC Airport Revenue Bonds for the South Carolina Technology and Aviation Center, (SCTAC), and revised the outlook to stable. SCTAC was formerly named the Donaldson Industrial Air Park Project (Donaldson).

RATINGS RATIONALE

Moody's ratings are based on the performance of the Lockheed Martin Corporation ("Lockheed", senior unsecured rated Baa1, stable outlook) under its master lease, the air park's conservative financial management, and sound debt service coverage. The stable outlook is based on the addition of tenants which provide increased non-Lockheed revenues and diversification, improving debt service coverage from reductions in operating expense and debt service requirements, and Lockheed's ability to withstand revenue cuts in any fiscal cliff scenario. SCTAC also has approx $0.4 million in revenue bonds outstanding in one series of bonds that are not rated by Moody's.

STRENGTHS

* Lockheed Martin Corporation (rated Baa1/stable) has signed leases that require it to make lease payments sized equal to the bonds' required annual debt service and has made significant investments into the infrastructure of their leasehold properties

* Lockheed Martin would be required to redeem or defease all outstanding amounts of the Series 2001 Bonds that relate to Lockheed if it terminates its current lease

* History of growing revenue streams stabilized through long-term lease agreements; new strategic focus has increased the number of potential SCTAC projects

* Strong and growing service area with significant manufacturing and industrial presence

* The air park has limited capital requirements with decreasing debt service requirements after 2012

CHALLENGES

* Revenue streams are very reliant on revenue generated from Lockheed Martin

* Long-term, fixed structure of lease revenues makes it difficult to adjust rates to meet rate covenants

OUTLOOK

The stable outlook is based on debt service coverage that has recovered to historic levels due to decreases operating expenses and debt service requirements, new tenants which provide additional revenue and diversification, and the stable outlook for Lockheed.

What could change the rating--UP

Substantial increase in lease revenue from tenants other than Lockheed Martin leading to larger and more diversified revenue streams could put positive pressure on the rating.

What could change the rating--DOWN

Failure to achieve the rate covenant or the occurrence of an event of default as a result of not making the rate covenant could have a negative effect on the rating. Also a weakening of the financial position of Lockheed Martin or a reduction in its lease payments to the center could have a negative effect on the rating.

Bond ratings were assigned by evaluating factors believed to be relevant to the credit profile of the issuer such as i) the business risk and competitive position of the issuer versus others within its industry or sector, ii) the capital structure and financial risk of the issuer, iii) the projected performance of the issuer over the near to intermediate term, iv) the issuer's history of achieving consistent operating performance and meeting budget or financial plan goals, v) the nature of the dedicated revenue stream pledged to the bonds, vi) the debt service coverage provided by such revenue stream, vii) the legal structure that documents the revenue stream and the source of payment, and viii) and the issuer's management and governance structure related to payment.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service's information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources.

However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Earl Heffintrayer Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Chee Mee Hu MD - Project Finance Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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Nachrichten zu Lockheed Martin Corp.

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Analysen zu Lockheed Martin Corp.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
22.10.2014Lockheed Martin OutperformFBR Capital
30.09.2014Lockheed Martin BuyStifel, Nicolaus & Co., Inc.
30.11.2012Lockheed Martin holdJefferies & Company Inc.
29.10.2012Lockheed Martin neutralJ.P. Morgan Cazenove
05.10.2012Lockheed Martin outperformRBC Capital Markets
22.10.2014Lockheed Martin OutperformFBR Capital
30.09.2014Lockheed Martin BuyStifel, Nicolaus & Co., Inc.
05.10.2012Lockheed Martin outperformRBC Capital Markets
26.07.2012Lockheed Martin outperformRBC Capital Markets
08.05.2012Lockheed Martin kaufenDie Actien-Börse
30.11.2012Lockheed Martin holdJefferies & Company Inc.
29.10.2012Lockheed Martin neutralJ.P. Morgan Cazenove
13.09.2012Lockheed Martin neutralUBS AG
26.06.2012Lockheed Martin holdStifel, Nicolaus & Co., Inc.
16.04.2012Lockheed Martin haltenEuro am Sonntag
26.04.2007Lockheed Martin underweightPrudential Financial
28.02.2007Lockheed Martin DowngradeJP Morgan
29.01.2007Lockheed Martin underweightPrudential Financial
08.01.2007Lockheed Martin underweightPrudential Financial
05.01.2007Lockheed Martin underweightPrudential Financial
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Lockheed Martin Corp. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

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