Big Dig Leaking, Boston Officials Admit, But Analysts Aren't Worried

O'Brien, Elizabeth
November 2004
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p33
Trade Publication
The article reports on the discovery of hundreds of leaks in the Central Artery, the sunken tunnel in the nearly complete $14.6 billion Big Dig in Massachusetts. Officials have not yet determined the scope of the problem or the total cost to repair it. Five years ago, the Big Dig was expected to cost $10.8 billion. The escalating costs of the mammoth construction project, along with the MassPike's limited ability to take the unpopular action of raising lolls, were factors in Fitch's Oct. 2002 downgrade to BBB-plus from A of the authority's senior revenue bonds and its concurrent downgrade to BBB from A-minus of the authority's subordinate bonds. Bonding for the Big Dig is considered complete. The turnpike authority has about $2.1 billion of outstanding debt issued for the project.


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