WASHINGTON - To fill the void left by bond insurers, highly rated states and authorities should consider providing a temporary guarantee or credit enhancement to lower-rated issuers that cannot access the municipal market at reasonable rates for transportation projects, market participants said at a conference here last week.

Speaking at an International Bridge, Tunnel and Turnpike Association conference, Susan Buse, director of project evaluation for the North Texas Tollway Authosrity, and Dan Heimowitz, a managing director at RBC Capital Markets, said higher-rated entities could create a guarantee program that would move much-needed infrastructure projects forward without adding significant risk to their ratings.

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