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Our mission: Bringing practical business and technical intelligence to today's structured cabling professionals

For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

  • Design, Installation and Testing: We explain the bottom-up design of cabling systems, from case histories of actual projects to solutions for specific problems or aspects of the design process. We also look at specific installations using a case-history approach to highlight challenging problems, solutions and unique features. Additionally, we examine evolving test-and-measurement technologies and techniques designed to address the standards-governed and practical-use performance requirements of cabling systems.
  • Technology: We evaluate product innovations and technology trends as they impact a particular product class through interviews with manufacturers, installers and users, as well as contributed articles from subject-matter experts.
  • Data Center: Cabling Installation & Maintenance takes an in-depth look at design and installation workmanship issues as well as the unique technology being deployed specifically for data centers.
  • Physical Security: Focusing on the areas in which security and IT—and the infrastructure for both—interlock and overlap, we pay specific attention to Internet Protocol’s influence over the development of security applications.
  • Standards: Tracking the activities of North American and international standards-making organizations, we provide updates on specifications that are in-progress, looking forward to how they will affect cabling-system design and installation. We also produce articles explaining the practical aspects of designing and installing cabling systems in accordance with the specifications of established standards.

Cabling Installation & Maintenance is published by Endeavor Business Media, a division of EndeavorB2B.

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KBRA Assigns AA- Rating to City of Houston, Texas, Airport System Subordinate Lien Revenue Bonds, Series 2025A (AMT) and Series 2025B (Non-AMT); Affirms Rating for Parity Bonds; Revises Rating Outlook to Positive

By: via Business Wire

KBRA assigns a long-term rating of AA- to the City of Houston, Texas, Airport System Subordinate Lien Revenue Bonds, Series 2025A (AMT) and Airport System Subordinate Lien Revenue Bonds, Series 2025B (Non-AMT). KBRA additionally affirms the long-term rating of AA- for the City's outstanding Airport System Subordinate Lien Revenue Bonds.

The Outlook revision to Positive from Stable reflects recent strong growth in origination and destination passengers, particularly at George Bush Intercontinental Airport, highlighting the System's increasing reliance on its vibrant local market rather than the operating decisions of its hubbing carriers to drive passenger volumes and related revenues. In addition, the System’s comparatively modest capital needs and descending debt service requirements, in KBRA’s view, should enhance its flexibility to address future demand driven facility enhancements.

Key Credit Considerations

The rating actions reflect the following key credit considerations:

Credit Positives

  • Large and growing catchment area generates strong origin and destination demand, while the System’s geographically strategic location promotes connecting activity.
  • Financial operations are characterized by abundant liquidity and ample debt service coverage margins.
  • Market yields are well above United Airlines' and Southwest Airlines' respective system averages.

Credit Challenge

  • High market‐share concentration and financial reliance on United Airlines (the primary carrier at George Bush Intercontinental Airport) and Southwest Airlines (the primary carrier at William P. Hobby Airport), mitigated by their respective long-term agreements and investments in Houston facilities.
  • Significant, though well managed, capital program and resultant exposure to construction risk and inflationary pressures.

Rating Sensitivities

For Upgrade:

  • Meaningful increase in passenger activity leading to strengthened debt service coverage and liquidity levels.
  • Material reduction in debt leading to improved debt metrics and enhanced financial flexibility.

For Downgrade:

  • A significant increase in scope or cost of the capital program resulting in a meaningful increase in leverage.
  • While unlikely, a sustained, material decline in enplanements and associated revenue due to the reduction or elimination of hub operations by either United Airlines or Southwest Airlines, and/or economic contraction of the service area.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010395

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