Sports & Exhibition Authority of Pittsburgh and Allegheny County, 2017 Parking Bond Rating Raised To 'A' From 'A-'

NEW YORK (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings raised its 
long-term rating and underlying rating (SPUR) on Sports & Exhibition Authority 
of Pittsburgh and Allegheny County (SEA), Pa.'s series 2017 parking system 
revenue bonds to 'A' from 'A-'. The outlook is stable. 

The rating action is a result of applying our updated rating criteria, "U.S. 
And Canadian Not-For-Profit Transportation Infrastructure Enterprises: 
Methodologies And Assumptions," published March 12, 2018. 

"The rating reflects our opinion of the pledged parking system's strong 
enterprise risk and financial risk profiles," said S&P Global Ratings credit 
analyst Joseph Pezzimenti. The enterprise profile assessment reflects a 
parking system of three garages and seven surface lots that provide convenient 
parking at competitive rates for visitors to Pittsburgh's North Shore 
entertainment and business district and to the city's central business 
district. 

The enterprise risk profile reflects our view of the parking system's: 
  • Strong market position;
  • Extremely strong service area economic fundamentals;
  • Low industry risk relative to that of other industries and sectors; and
  • Strong management and governance, reflective of prudent practices to mitigate financial and operational risks of the pledged parking facilities.
The financial risk profile reflects our view of the parking system's: 
  • Strong financial performance;
  • Extremely strong debt and liabilities capacity; and
  • Vulnerable liquidity and financial flexibility.
The stable outlook reflects our expectation that demand for pledged parking 
facilities will remain strong and comparable with historical levels, providing 
strong debt service coverage (DSC). 

We could raise the rating in the next two years if DSC significantly improves 
to levels we consider sustainable or the authority consistently maintains 
healthy levels of cash in the general fund that we believe is sustainable. 

Although unlikely, we could lower the rating in the next two years if DSC 
materially drops or the demand for the pledged parking facilities 
significantly weakens, suggesting a weaker market position. 
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