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The rating downgrade reflects the absence of a highly rated reserve surety policy or liquid cash reserves within the project's debt service reserve fund (DSRF). The only asset held in the debt service reserve, with a required funding level of maximum annual debt service, consists of the original reserve surety policy with Financial Guaranty Insurance Company (FGIC, unrated). Fitch believes a fully funded DSRF is essential to the rating level of airport fuel facilities revenue bonds given the narrow revenue stream securing the bondholders, the availability of only sum-sufficient coverage with no additional dedicated bond reserves, and the potential risk for cashflow disruptions caused by delinquencies or bankruptcy from either Bosfuel or member carriers. Bosfuel has recently indicated that it does not believe it is legally obligated to replace the existing reserve surety with a highly rated provider or to cash fund the $6.9 million required level from member carrier payments. At this time, no actions towards a reserve replenishment has taken place. Other available liquidity to the project is derived from member carrier security deposits equal to two months of Bosfuel's total facilities cost. The balance is expected to be slightly under $4 million for fiscal 2010. The security deposits are also used for working capital but do provide just a moderate level of protection for carrier payment deficiencies.As history demonstrates to many East Boston residents, it's always wise to know how Massport's doing.
Aid Continues to Arrive from D.R.; Assessment of Properties Begins
Fr. Rogelio of the Antilles left for Port-au-Prince with two trucks of food on Tuesday, Feb. 2. A new shipment of food is being organized for Pétion-Ville, Carrefour-Thorland, and Cap-Haitien. The Antilles Province has already bought 4,000 family food rations, of which 2,000 will be sent to Cap-Haitien.
Salesian Missions is developing an emergency relief and reconstruction database (database) to help provide accountability of participating Salesian partners. Also, Salesian Missions will be contacting the Don Bosco Network and our GHQ in Rome to elicit comments and feedback in regard to compatibility and usefulness of this effort.
Fr. Mark is asking for feedback on the Salesian Haiti Emergency Relief Accountability Guidelines distributed on Jan. 17.
A shipment of medicines arranged by Jugend Eine Welt-Austria has arrived in Santo Domingo and will clear customs on the 3rd.
OXFAM is installing outdoor water spigots in Thorland to serve a displaced population of 12,000; three are already in operation.
Fr. Mark and the assessment and reconstruction team (VIS-NR) toured damaged facilities on Feb. 2; they are focusing on buildings and educational infrastructure reconstruction.
ANS has published the photo (above) and caption from the installation of Haiti’s new provincial. Your humble editor has added a bit to the caption.
Pétion-Ville, Haiti -¬ January 30, 2010 – At a solemn ceremony in Pétion-Ville on the eve of the feast of St. John Bosco, Fr. Ducange Sylvain (to left of bishop, presumably) took over as superior of the vice province of Haiti. Among those present were Archbishop Louis Kebreau, SDB, of Cap-Haitien, Fr. Esteban Ortiz, general councilor for the InterAmerica Region (bishop’s right), Fr. Victor Pichardo, provincial of the Antilles Province, Fr. Mark Hyde, director of Salesian Missions in New Rochelle (behind Fr. Ortiz), many of the Hatian Salesians, and representatives of the other branches of the Salesian Family.