Ohio has received its first rating for a newly created state infrastructure bank bond fund program. Fitch Ratings assigned a AA-minus to the SIB program and an upcoming sale of $5.2 million of transportation project bonds. The debt is being privately placed by NatCity Investments Inc., and Robert W. Baird & Co. is the financial adviser.
Ohio now is one of only a few states that has a rated SIB bond program, which offers loans to local entities for transportation-related projects. The state currently has 16 loans to 13 borrowers for a total outstanding principal of $22 million. The bonds are repaid using revenues from the projects. The Akron-Canton Airport is the largest borrower, followed by the city of Zainesville and the Dayton-Montgomery Port Authority.
