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Alameda Corridor Transportation Authority, CA's Bonds Rated 'BBB+' on Project Completion Feb 04
Standard & Poors, Feb 2004
Abstract
SAN FRANCISCO (Standard & Poor's) Feb. 4, 2004--Standard & Poor's Rating Services assigned a 'BBB+' rating to the Alameda Corridor Transportation Authority (ACTA), Calif.'s $464.8 million tax-exempt series 2004A and $252.5 million series 2004B taxable subordinate lien revenue refunding bonds. Additionally, Standard & Poor's raised the rating on ACTA's outstanding $992.3 million senior lien revenues bonds to 'A-' from 'BBB+' and raised the rating on $158.4 million subordinate lien revenue bonds to 'BBB+' from 'BBB'. The outlook is stable. The raised ratings reflect the successful completion of the complex Alameda Corridor project; however, this is mitigated by the long-term growth in traffic needed to achieve forecasted coverage. The ratings also reflect the corridor's strategic value to the railroads and ports;...
Companies mentioned in this report are: Alameda Corridor Transp Auth,Los Angeles Harbor Dept,Long Beach Harbor Dept,Union Pacific Corp.,Burlington Northern Santa Fe LLC
Action: New Rating
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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