Monday, October 05, 2020

Kansas City Airport Bonds Earn Negative Outlook Amid Worsening Coronavirus

Hype for local institutions is getting harder to spin amid an ongoing pandemic recession.

Recently, one of our smarter readers sent this bad news our way that's buried within financial market bizspeak . . .

Check the report and look for the money line . . 

"The Negative Outlook reflects the substantial adverse impact on operating and financial performance due to the coronavirus and related containment measures, along with uncertainty around the timing and magnitude of recovery. "The outbreak of the coronavirus and related government containment measures worldwide create an uncertain global environment for the airport sector. Material changes in revenue and cost profile are occurring across the sector and will continue to evolve as economic activity and government restrictions respond to the ongoing situation."

Developing . . .

9 comments:

Anonymous said...

Like nobody saw this coming

Anonymous said...

Bonds that have been issued by a city on the verge of bankruptcy and are claimed by that city to be backed by airlines which are also on the verge of bankruptcy tend to be downgraded.
Have to hope these beauties aren't in too many public retirement accounts.
The Sly and Jolie show just never seems to end.

Anonymous said...

We had a serviceable airport. Now we have a financial sinkhole. The private sector greed and Slie's avarice are ugly. With rising costs there will be cost overruns and carriers unable to pay rent. This seems more important than a head wobble and eye roll. This project should be scaled back yesterday.

Anonymous said...

Ooohhhhh! I love negative KC Bond ratings. The rich White people who invested in them are about to lose their shirtz! Or shitz... lol

#BankruptcyKC #Momentum

Unknown said...

CFRG warned that building an unnecessary new airport was foolish. We advertised one billion dollars to build a smaller airport. Now it's 1.5 billion. It'll probably be 2 billion by the time planes actually operate again. Stupid is as stupid does.

Anonymous said...

The old airport was negative and worthless.

Anonymous said...

Meanwhile...after speculating about Southwest Airlines financial condition yesterday, and how that could up-end the financing plans for the new terminal...

Today, for the first time EVER, Southwest Airlines is asking for employee pay cuts across the board to prevent massive layoffs.

With Southwest Airlines (KCI's big player) in trouble, who's going to cover those scheduled bond payments? Hint: it won't be James, Schulte, and Justus!

Anonymous said...

Things the very very very high crime city of KC should sell to raise money for the useless new airport:

1. Confiscated aircraft that it deems virus incubation spreaders. Melt it for the metal.
2. Collect taxes from dead people. Dig up old graves and extract old fillings and any items buried with the dead.
3. Charge revenue on the free trolley cars. In fact- use facial recognition and collect $10 ride fees on anyone that has ever road it.
4. Hire new community organizers that Stacy likes from the 50% defund Police initiative and have them go around and collect random taxes from anyone that looks like they have money at stop lights.
5. BUy all the Monopoly games at stores and online and force bond holders to accept the new currency of KC. Fake money for Fake Cities should be the new motto.

What a great plan!

Anonymous said...

Who decided to depict Mayor Q as a red-coated luggage porter working for tips in the promotional picture? Mayor Slie?