New Transportation Rating

Shields, Yvette
May 2006
Bond Buyer;5/24/2006, Vol. 356 Issue 32389, p35
Trade Publication
This article reports that Moody's Investors Service Inc. has assigned a first-time rating of Aa3 to an upcoming $535 million sale of Michigan Comprehensive Transportation Fund new money and refunding bonds. The basis of rating is a first-lien claim on Comprehensive Transportation Fund revenues, which are derived from certain taxes and fees dedicated by the state constitution to transportation needs as well as a statutory limit on parity debt. Proceeds of the bonds will finance new transportation projects and current refund about $18 million of parity debt issued in 1996.


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