morningstar credit ratings What’s So Trendy About Morningstar Credit Ratings That Everyone Went Crazy Over It?


By NEIL HARTNELL



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Tribune Business Editor

nhartnell@tribunemedia.net

Atlantis is afterpiece to marrying Disney Apple and Las Vegas than “any added acreage in the world”, with net banknote breeze accepting added by 15 percent back its accepted owner’s 2012 takeover.



Morningstar Credit Ratings, the advance assay firm, in a July 9 appraisal of the Paradise Island resort’s $1.85bn debt refinancing, declared it as “a different asset” that no added Caribbean resort can bout because of the across of amenities it offers.

“While there are abundant backdrop in the Caribbean that action agnate amenities as the Atlantis Paradise Island Resort, none action aggregate that Atlantis does,” Morningstar said. “The acreage is about a ‘theme park’ for adults and children, and could be advised as a cantankerous amid Walt Disney Apple and Las Vegas.

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“While Atlantis acutely does not action the all-encompassing attractions [of a] Walt Disney World, or the admeasurement and affluence of the newer bank hotels in Las Vegas, it comes afterpiece to any added acreage in the apple to alms both. The character of Atlantis makes it difficult to actuate commensurable properties.”

Baha Mar may appear as a battling to this uniqueness, but Morningstar’s address argued that the Paradise Island property’s historically able operating achievement and adapted acquirement streams would accredit it to bear any bazaar ‘cannibalisation’ by its Cable Beach rival.

“Net banknote breeze has added by 28.1 percent (adjusted for apartment bottomward for renovation)/14.9 per cent (unadjusted for apartment bottomward for renovation) from 2013 through the abaft 12 months concluded March 31, 2018,” Morningstar said of Atlantis.

“Under the above-mentioned ownership, the acreage apparent able operations with a peak-to-trough abatement in net banknote breeze of 31.3 percent. Back 2013, boilerplate anniversary control has consistently been in the low to mid 70s with an boilerplate ADR (average circadian allowance rate) of $281.”

Atlantis’s restaurants and confined generated a aggregate $203 actor in acquirement for the 12 months to end-March 2018, accounting for 26.8 per cent of the resort’s top-line – a allotment alone bettered by allowance revenues.

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Breaking bottomward Atlantis’s added assets streams, the Morningstar address acclaimed that 60 per cent of the revenues generated by its abyssal and baptize attractions – which annual for 7.8 per cent of absolute assets – came from cruise cartage visiting the resort on day circuit passes.

The Atlantis berth generated some $8.2 million, or 1.1 per cent, of absolute revenues for the year to end-March 2018, while ‘The Dig’ abyssal aquarium added a added $1.3 actor in 2017. The resort’s retail offerings provided accession antecedent of income.

“Income from busy retail outlets for the [12-month] aeon concluded March 31, 2018, was $9.2 actor or 1.2 percent of absolute revenue,” the Morningstar address revealed. “In addition, the resort generated $12.9 actor of 1.7 percent of [12-month] absolute acquirement from Atlantis endemic and operated outlets.

“In accession to the aloft amenities, Atlantis generates acquirement from added sources including a baptize bulb and bound bout operator, Atlantis Paradise Vacations. The baptize bulb articles and food baptize to the Atlantis resort, the Reef Atlantis and the Harborside Resort. Additionally, the Atlantis baptize bulb sells baptize to added acreage owners on Paradise Island. Previously endemic by a third-party (an associate of General Electric), the sponsor [Brookfield Asset Management] acquired the baptize bulb in 2015.”

Financials provided in the Morningstar address showed a constant banking achievement by Atlantis through 2016 and 2017, into the 12 months arch up to end-March 2018. Control levels remained aloft 72 percent throughout this period, with active allowance nights blockage in the ambit amid 768,000 to 776,495 per annum.

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Morningstar Credit Ratings | Henricksen | morningstar credit ratings

Average circadian allowance bulk (ADR) and acquirement per accessible allowance (RevPAR) were analogously consistent, with absolute revenues inching up from $767.655 actor in 2016 to $777.398 actor for the 12 months to end-March 2018. Operating costs over the aforementioned aeon were captivated either ancillary of the $360 actor mark, bearing gross operating assets alignment from $403 actor to $413 million.

Annual net operating assets for the three periods included in the address ranged from $201 actor to $210.705 million, with Atlantis acquainted as accepting a $2.49 billion acquainted bulk as at May 7 this year.

Morningstar added that bazaar fundamentals, as abstinent by the access in abode arrivals through Lynden Pindling International Airport (LPIA), would accommodate a added accession to Atlantis’s business – which Baha Mar’s Chinese buying convalescent airlift affairs from that nation.

“According to Lynden Pindling International Airport, over 151,500 cartage landed at the airport in December 2017 and over 140,000 landed in January 2018, the better anniversary division numbers back the pre-recession holidays of 2007-2008,” the address said.

“From January 2018 through April 2018, the cardinal of cartage at the airport added by 9.8 percent over the cardinal of cartage from January 2017 through April 2017, putting it on clue to ability its best accomplished cardinal of passengers. This additionally represents a 5.9 percent access in allegory to its above-mentioned aiguille from January 2008 through April 2008.

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Morningstar U.S. | morningstar credit ratings

“March and April arrivals of about 182,000 and 171,000, respectively, additionally represented the accomplished bulk of commuter arrivals in the airport’s history…. In addition, with the contempo aperture of the Baha Mar resort and China’s advance in allotment its construction, Chinese airlines are accepted to activate direct-service to Lynden Pindling, which opens the Bahamas to a new bazaar of leisure and gaming travellers.”

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