Economy

As the University of Medicine and Dentistry of New Jersey gears up for a long-awaited refinancing, questions continue over its billing and financial practices.

WASHINGTON - The current financial crisis that has caused Treasury rates to plummet has created a boom in demand for a 10-year-old federal program that offers low-interest loans, pegged to Treasury rates, to transportation departments and private investors. But there is no longer enough funding in the TIFIA program to meet the growing demand, according to transportation experts and market participants.

DALLAS - Oklahoma has identified 100 highway projects across the state that could begin construction as early as March if Congress passes a proposed multibillion-dollar transportation infrastructure stimulus package.

Standard & Poor’s last week downgraded MetroHealth System to BBB-plus from A-minus due to weak operating results. The action affects $28.8 million of variable-rate bonds issued in 2003 through Cuyahoga County. The bonds carry a letter of credit but Standard & Poor’s does not rate it.

DALLAS - With its own future in question, the Texas Department of Transportation is abandoning the Trans-Texas Corridor as a planning concept, executive director Amadeo Saenz said yesterday.

Virgin Galactic last week signed a 20-year lease agreement that calls for the tourist spaceflight provider to establish its headquarters in New Mexico and base its operations at the state-owned Spaceport America.

SAN FRANCISCO - The largest public housing finance agency in the country has stopped most mortgage lending and is working to deleverage its balance sheet to help it weather the sharpest housing downturn in its three decade history.

Columbia St. Mary and Froedtert & Community Health’s partnership is now on hold due to economic conditions.

Standard & Poor’s earlier this month downgraded Crittenton Hospital Medical Center’s debt to A from A-plus due to economic challenges facing the hospital.

WASHINGTON - State and local governments could get an infusion of federal funds next year to jump-start many of their shovel-ready transportation projects if Democrats and President-elect Barack Obama are able to enact a promised stimulus package soon after Obama takes office, industry stakeholders said in recent interviews.

DALLAS - The New Orleans Aviation Board will refund all $113.3 million of its outstanding variable-rate debt and pay swap termination fees of up to $16.7 million for five related interest rate swaps with the proceeds from the negotiated sale of $138.8 million of fixed-rate airport revenue bonds next week.

Fitch Ratings has confirmed the rating of AAA/F-1 assigned to Denver International Airport’s $148.5 million of system revenue bonds under a new standby bond purchase agreement with Morgan Stanley Bank.

DALLAS - The El Paso City Council yesterday approved creation of Texas' first transportation reinvestment zone that could attract an estimated $1 billion in state funds for road projects.

Massachusetts Turnpike Authority officials may postpone a vote on proposed toll hikes to give incoming Transportation Secretary Jim Aloisi time to review the agency's books.

CHICAGO - Loyola University of Chicago has stepped up to help its ailing health system with an infusion of $19 million in cash, a move that staved off the system's violation of bank liquidity terms and the loss of its investment grade credit.

CHICAGO - Fitch Ratings last week rated the Urbana, Ill.-based Carle Foundation's upcoming $250 million bond sale AA-minus and assigned an "evolving" outlook due to the uncertain outcome and the fiscal impact of its merger discussions with an affiliated physicians' group.

Standard & Poor’s last week revised the outlook to positive from stable on the New Jersey Turnpike Authority due to additional revenue from a recent toll increase that began Dec. 1.

CHICAGO - The Illinois State Toll Highway Authority's inspector general will review the planning process undertaken by the agency to craft its new $1.8 billion capital program, a move its board hopes will quell concerns that the plan was rushed through to give Gov. Rod Blagojevich leverage in raising campaign funds.

The Federal Aviation Administration’s associate administrator for Commercial Space Transportation has granted New Mexico’s official state spaceport the license it needs for vertical and horizontal launches.

WASHINGTON - A top Democrat on the House Financial Services Committee is urging Congress to draft the stimulus package to include a "general revenue sharing" program for state and local governments that would provide aid to municipalities facing budget shortfalls as a result of the economic crisis.