The Delaware Department of Transportation reported that Moody’s Investors Service, Inc. has assigned an Aaa rating to the Delaware Transportation Authority, its highest rating.
S&P Global Ratings assigned its second highest rating of AA+ long-term rating to the department’s $150.5 million series 2024 transportation system senior revenue bond sale that will be issued on Nov. 19.
Higher ratings mean bond investors will pay lower interest rates and allow dollars to go further. Bonds are paid off through the fuel tax, tolls and DMV fees.
Secretary of Transportation Nicole Majeski stated, “The work done by the DelDOT finance team led by Lanie Clymer ensures that the department’s financial management remains strong and these ratings affirm that we are responsibly managing our transportation system and its needs. Infrastructrure work is expensive and these ratings help us maximize the dollars available to us to deliver our work.”
Construction costs have also been affected by inflation.
The series 2024 bond proceeds will be used to fund various capital projects for DelDOT’s capital program in fiscal years 2025 and 2026.
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