TITLE

Calif. Road Agency Gets Junk Rating

AUTHOR(S)
Finestone, Deborah
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Standard & Poor's Corp. has lowered its rating on about $1.8 billion in debt issued by the San Joaquin Hills Transportation Corridor Agency in California to BB from BBB-minus. Analysts blamed the reduction to junk status on weaker-than-anticipated traffic and revenue for the Orange County toll road operated by the agency. The agency issued the original bonds in 1993 to finance the 15-mile San Joaquin Hills Toll Road, which connects Newport Beach and San Juan Capistrano. In fiscal 1999, three years after the road opened, the toll road was performing at 83.7% of projections for revenue and 87.7% of projections for traffic, according to Standard & Poor's.
ACCESSION #
9880726

 

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