More traffic bonds

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NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AA-' rating to the approximately $215 million State of Florida Department of Transportation (FDOT) turnpike revenue refunding bonds, series 2010A. In addition, Fitch has affirmed the 'AA-' rating on $2.7 billion in outstanding turnpike revenue and revenue refunding bonds. The Rating Outlook remains Negative.

The series 2010A bonds are expected to sell competitively during the week of March 29th. Bond proceeds will be used to refund a portion of the outstanding 1998A, 1999A and 2000B bonds and pay the costs of issuance.

The Negative Outlook reflects continued uncertainty of near-term traffic growth on the turnpike's facilities stemming from continued weak economic conditions in Florida and the expectation that there could potentially be erosion in historically robust debt coverage levels over the next several years. Furthermore, the Negative Outlook reflects Fitch's opinion that the economic conditions that fueled traffic growth over the past decade may not return, pressuring the turnpike to manage expenses and capital much more closely than before and potentially raise toll rates in excess of anticipated levels. Toll revenues declined to $590 million in fiscal year (FY) 2009 from $664 million in 2007, or 11%. However, Fitch notes that traffic declines have stabilized as transactions the first six months of FY 2010 are generally flat.

And:

WASHINGTON - The North Carolina Turnpike Authority expects to issue $616 million of bonds next week for the Triangle Expressway System - a project designed to relieve traffic in one of the nation's fastest-growing regions but delayed for months by the credit crisis.

The deal, the largest in North Carolina since September 2007, will include the state's first Build America Bonds and a large helping of insured toll-revenue bonds.

A retail pricing period is scheduled for Monday and the NCTA with its underwriters is holding an information session this afternoon for prospective investors.

North Carolina has not built a toll road in more than 100 years. Meanwhile, the state's population has soared, particularly in the Raleigh-Triangle Research area where the new expressway will be built. The Raleigh-Durham-Cary region, which includes three research universities and the state capital, was the fastest-growing metropolitan area in the U.S. from 1985 to 2005, according to Moody's Investors Service.

And:

Connecticut’s Joint Committee on Transportation reported several bills out of committee earlier this week, including a Tri-State supported bill to increase penalties for careless driving and an amended bill directing ConnDOT to prepare a plan to implement electronic tolls.