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Article: Penn. Turnpike Agency Downgrade Strikes at Act 44.
- Article from:
- The Bond Buyer
- Article date:
- April 16, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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As both Fitch Ratings and Standard & Poor's have downgraded the Pennsylvania Turnpike Commission, state officials are becoming more skeptical of Act 44 plans for funding transportation infrastructure needs. Still, the PTC continues to move forward with the law's provisions, insisting that the possibility of downgrades was anticipated.
Gov. Edward G. Rendell signed Act 44 last year, allowing the PTC to issue up to $5 billion of special revenue bonds with no more than $600 million of those bonds to be issued in one year. Under Act 44, the PTC - in a public-public partnership - would lease Interstate 80 from the Pennsylvania Department of Transportation, starting ...