Simple Flying
Steven Walker
22 September 2026
The countdown to the New Terminal One at New York John F. Kennedy International Airport (JFK) is no longer really about whether the building will be finished in 2026.
That delay has turned what looked like a construction story into something much larger. Fitch Ratings has placed $5.9 billion of New Terminal One bonds on Rating Watch Negative. Meanwhile, KBRA has moved its outlook to negative, as higher costs, schedule slippage, and weaker international traffic combine inside a privately financed project whose investors carry much of the commercial risk...
