FOR IMMEDIATE RELEASE: February 12, 2019
Media Contact: Andrew Mangini (518) 326-6400 or (518) 598-6324
Albany Parking Authority’s Bond Rating Raised to A-
Stable Outlook according to S&P Global
ALBANY, NY – The Albany Parking Authority’s bond rating increased from BBB+ to A- as a result of S&P Global’s updated rating criteria. The A- rating comes from an assessment of the Authority’s robust enterprise and financial risk profiles.
“An increase in the Albany Parking Authority’s bond rating is a testament to the Authority’s thoughtful financial planning over the past few years,” said Albany Parking Authority Board Vice Chairman Jeff Sperry. “We hope to continue investing in Albany’s economy through partnerships that provide visitors and residents with innovative parking solutions, including our recent addition of new meters and our ParkAlbany app.”
“The system's management and governance is strong, in our view, reflecting our view of its strategic positioning, risk and financial management, and organizational effectiveness,” wrote S&P Global in their report.
The Authority’s bonds are secured through the parking garages, lots, on-street parking and a debt service reserve. S&P Global forecasts a positive two-year financial outlook for the Authority with approximately $13.3 million in bonds outstanding, manageable capital requirements and no debt plans.
"The stable outlook reflects our expectation that the system's net revenues will continue to provide coverage at or near levels we consider strong," added S&P Global Ratings credit analyst Kevin Archer.
The Albany Parking Authority provides the city’s public parking through approximately 2,001 on-street metered parking spaces, three parking garages and nine surface lots.
About the Albany Parking Authority
The Albany Parking Authority’s mission is to provide secure, convenient and affordable parking in support of economic development in the City of Albany. The Albany Parking Authority manages more than 5,000 parking spaces to serve those that live, work or visit New York’s Capital. The Authority was established in 1983 and is authorized to construct, operate and maintain city public parking facilities. The Authority receives no tax support or Federal, State, City or private grants.