Sunday, April 25, 2010

S&P Rates Metropolitan Washington Airport Authority's Bonds for Dulles Metrorail Project

Loudoun County Traffic found this article while scouring the Internet and thought some of our readers might be interested. It comes from Aviation News Today.
"Standard & Poor's Ratings Services assigned its triple B plus long-term rating, and stable outlook, to the Metropolitan Washington Airport Authority's $65.0 million series 2010A second-lien capital appreciation bonds, and $95.0 million series 2010B second senior-lien convertible capital appreciation bonds. The ratings firm also assigned a triple B rating, and stable outlook, to MWAA's $190 million series 2010C subordinate third-lien current interest bonds and $300 million series 2010D subordinate third-lien current interest taxable Build America bonds (BABs).
"In addition, S&P affirmed its A long-term rating on the authority's $198 million in first senior-lien bonds and $765.2 million in second senior-lien bonds outstanding. The outlook is stable.

"These bond issuances are part of MWAA's plan to construct a $5.25 billion, 23.1-mile extension of the Washington Metropolitan Area Transit Authority's rail system. MWAA will finance the project with $2.9 billion in debt. On Nov. 1, 2008, the Virginia Department of Transportation (VDOT) transferred operational and financial responsibility and control of the DTR to the authority for 50 years; as a condition to the DTR permit, MWAA has committed to finance and construct the Dulles Metrorail Project."

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