Economy

For the second year in a row, Virginia Gov. Bob McDonnell plans an aggressive strategy to keep the state's transportation projects moving forward at a fast clip.

Dallas Area Rapid Transit has awarded a design-build contract for the final segment in its $1.5 billion Orange Line project that will connect Dallas-Fort Worth International Airport to the DART light-rail network, officials said.

The Illinois Finance Authority board advanced about $600 million of borrowing planned by the University of Chicago, Children's Memorial Hospital, and others before the end of the year and into 2012.

Moody’s Investors Service affirmed Agnesian Health Care’s A3 rating while revising its outlook to positive from stable in recognition of its favorable operating margins.

Moody’s Investors Service affirmed its Baa1 rating on UC Health and revised the outlook to positive from stable, saying that the newly reorganized system has exhibited recent improvements in operations.

Moody’s Investors Service last week downgraded to A2 from A1 its rating on Elkhart General Hospital, affecting $86.6 million of bonds.

Dana Levenson jumped at the chance to be chief financial officer of the Massachusetts Department of Transportation.

The Oklahoma Department of Transportation got the go-ahead last week from the Council of Bond Oversight for a $71 million debt issue to finance four highway projects.

With trading active on much of bankrupt American Airlines' $3.2 billion of special facilities revenue bonds, some market participants are sounding a cautionary tone in assessing their value, as bargain hunters eye the airline's discounted bonds secured by collateral.

The Port Authority of New York and New Jersey's Board of Commissioners has approved a preliminary $7.1 billion combined operating and capital budget for fiscal 2012 amid complaints that the agency overspends on World Trade Center redevelopment at the expense of bridge, road and tunnel improvements.

Standard & Poor’s affirmed its BBB-plus credit rating and stable outlook for the not-for-profit ACTS Retirement-Life Communities of West Point, Pa.

The Dormitory Authority of the State of New York approved $531 million in financings for higher education and health care, including $340 million in 23-year, fixed or variable-rate tax-exempt bonds for the Memorial Sloan-Kettering Cancer Center.

A proposal to allow the New York Department of Health to replace hospitals' leadership would be a credit positive, Moody's Investors Service said.

The cancellation of a project to renovate the 70-year-old Brooklyn-Queens Expressway and a connecting portion of the Gowanus Expressway, both part of Interstate 278 in New York City, has prompted calls for a state law allowing public private partnerships.

Fairfield, Conn., opened its third train station, Fairfield Metro, to commuters last week.

The Orlando-Orange County Expressway Authority last week hired an interim executive director who currently works for a consulting firm that has contracts with the agency.

The Inland Valley Development Agency in California disclosed that it and the San Bernardino International Airport Authority are being investigated by the Federal Bureau of Investigation.

Philadelphia plans a $235 million sale of revenue refunding bonds for Philadelphia International Airport on Thursday.

The privatization of the Ohio Turnpike would likely be a positive for debt holders, Moody’s Investors Service said in a market comment this week.

In response to Fitch Ratings’ revision of its outlook on O’Hare International Airport’s general airport revenue bonds to negative, Chicago aviation officials said they are confident the airport’s position as a key hub for bankrupt American Airlines will limit any service cuts as the carrier reorganizes.