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Article: FLORIDA: Alligator Alley Bumped Up.
- Article from:
- The Bond Buyer
- Article date:
- April 12, 2007
- Author:
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Moody's Investors Service last week upgraded the Florida Department of Transportation's revenue bonds for Alligator Alley to A1 from A3.
Alligator Alley is a four-lane, 78-mile, limited-access toll road that crosses the lower half of the state from Naples on the west coast to the Miami-Ft. Lauderdale area on the east coast.
The upgrade affects $46.7 million of debt rated by Moody's and applies to the planned sale of $45.4 million of Alligator Alley revenue refunding bonds, which is on the day-to-day calendar. The outlook is stable.
"The upgrade is based on a well-established history of strong debt service coverage by system net revenues, strong ...