Apr 05 - Long a scarcity in the U.S. infrastructure market, an influx of public private partnerships is now likely over the next several years as state departments of transportation (DOTs) embrace non-traditional project delivery methods, according to Fitch Ratings.
State DOTs are moving ahead with needed infrastructure projects as the Federal government provides less funding for highways on a real basis and the future of the federal program remains in limbo.
Analysts at Fitch will be discussing one of these projects, specifically, the soon-to-be launched Elizabeth River Crossings project, during a conference call to take place on Monday April 9 at 11 a.m. ET.
Fitch expects to rate the $675 million private activity bonds from the Virginia Small Business Financing Authority bonds and the $422 million TIFIA loan (on behalf of Elizabeth River Crossings) 'BBB-' with a Stable Outlook. The rating will be finalized once the transaction closes. Proceeds of the bonds and loan will used to construct a new tube tunnel adjacent to the Virginia Midtown Tunnel. Plans are also in the works to use some of the proceeds to modify the Brambleton Avenue/Hampton Boulevard interchange in Norfolk.
Fitch will be releasing a presale report later today highlighting its views of completion risk, traffic and toll revenue risk and the legal and financial structure. Additional information is available at 'www.fitchratings.com'.
Scott Zuchorski is the call leader and will be joined by Chad Lewis and Mike McDermott as they speak to the legal structure and rationale behind the economics of this transaction. Prepared remarks will last approximately 15-20 minutes and be followed by a Q&A session.
Dial-in information is attached below:
--Date: April 9, 2012;
--Time: 11:00 a.m. ET;
--Conference ID: 69546075;
--Call Leader: Chad Lewis;
--Dial-In number for US participants: +1-877-467-8597;
--Dial-In number for International participants: +1-706-643-6296.
--Dial-In number for US participants: +1-855-859-2056;
--Dial-In number for International participants: +1-404-537-3406;
--Encore Dates: April 9, 2012 2 p.m. ET - May 7, 2012 5 p.m. ET;
--Replay ID: 69546075.
Additional information is available in Fitch's March 30 press release, 'Fitch Expects to Rate Virginia Small Business Financing Auth's Proposed PABs 'BBB-', available at 'www.fitchratings.com'.