Florida Development Finance Corp.

The private passenger train project in Florida also faces new litigation from longtime adversary Indian River County.

Fitch Ratings said the BB-minus rating on Brightline’s $600 million of private activity bonds was removed because the project has changed strategic focus.

Florida agencies will negotiate with the private rail operator, currently known as Brightline, to build tracks for passenger service to Tampa.

The deal clears one legal obstacle to the upcoming issuance of PABs, although two other challengers plan to pursue a federal lawsuit.

The passenger train operation will rebrand as Virgin Trains USA after a small investment from Richard Branson's Virgin Group.

The Florida Development Finance Corp. will issue $1.75 billion of bonds for the privately owned passenger train project.

The Florida Development Finance Corp. will be asked to be the conduit issuer for $1.75 billion of PABs on behalf of the project's private owners.

A motion for summary judgment by Indian River and Martin counties contends that the privately owned project isn’t eligible to use the private activity bonds.

All Aboard Florida is seeking a right of way lease to expand its Brightline-branded passenger train service from Orlando to Tampa.

The U.S. Department of Transportation told All Aboard Florida that it now has until Dec. 31 to sell the $1.15 billion of bonds.