TITLE

Upgrades for the Road

AUTHOR(S)
Williamson, Richard
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/29/2003, Vol. 344 Issue 31624, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
With the possible emergence of North Texas Tollway Authority (NTTA) in the bond market next week, the possibility of rating upgrades on 370 million dollar of new-money and refunding debt has increased. Pricing on 235 million dollar of Series 2003A revenue bonds and 135 million dollar of 2003B revenue refunding bonds is scheduled for May 6, 2003. The money raised from the deal will be used to build the fourth, and final, segment of the President George Bush Tollway across the growing northern suburbs of Dallas, Texas. Rating analysts cited the authority's better-than-expected revenue performance amid aggressive expansion of the tollway system for the improving quality of the credit. The rating upgrade is based on the demonstrated ability of NTTA to build and support its planned expansion projects while maintaining projected solid debt service coverage, as well as the continued strong system growth.
ACCESSION #
9722804

 

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