S&P: Panhandle Economic Development Corp., TX 2016 Lease Revenue Bonds Assigned Preliminary 'A+' Rating
"The stable outlook reflects our rating outlook on the U. S.," said S&P Global Ratings credit analyst John Kenward.
The bond issuer was created as a public corporation by the city of Panhandle. We understand that bond proceeds will be used to construct a 343,000-square-foot administrative support complex at the DOE's Pantex Plant near Amarillo. The complex will provide office space for 1,100 federal and contractor employees at the nation's only nuclear weapons assembly and disassembly facility. The bonds are secured by rental payments from the DOE provided directly to the bond trustee through a lease agreement between Consolidated Nuclear Security LLC as lessee and Pantex ASC LLC, the building owner and borrower, as lessor.