"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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