Transportation industry

Fitch Ratings downgraded the private-activity bonds supporting LAX's people mover bonds to junk, but said they could fall lower if the airport doesn't reach an agreement on delay concessions.

VTA's auditor general dinged project managers for misleading communications and a "breach of transparency" regarding cost overruns and delays on the $12.2 billion San Jose extension of a Bay Area Rapid Transit line.

The governor proposed state funding for schools to slow the rise in property taxes. His Idaho Works program would provide $50 million toward $800 million in bonds to pay for water and transportation projects.

Moody's also affirmed the A1 rating on the authority's $3.2 billion of general revenue bonds and the A2 rating on the $2.5 billion of general revenue junior indebtedness obligations.

The stars are starting to align for the long-awaited bridge replacement which received a $600 million federal grant toward the project expected to cost up to $7.5 billion.

The Plan of Action for Regional Transit asks lawmakers for $1.5 billion of new operating support for transit and at least $400 million annually of complementary capital investments.

"There weren't many exemptions made to paying the fee, which should help maximize revenues and make them more predicable when considering leveraging this new revenue stream for infrastructure improvements," said Howard Cure of Evercore Wealth Management.

The Equity in Infrastructure Project, created to generate opportunities for historically underserved businesses, hit 56 pledges at a California event.

The Bay Area Rapid Transit was highlighted in the report on agencies still struggling.

Fitch Ratings did a deep dive on the nation's major airport capital programs, as projects have begun, and how they plan to fund them.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

Michael Whitaker, a career aviation executive, has been unanimously confirmed by the Senate to lead the FAA following Steve Dickson's resignation in March 2022.

KBRA upgraded the long-term rating on the state's special tax obligation transportation infrastructure purposes bonds to AAA with stable outlook from AA-plus ahead of the deal, slated for the week of Oct. 16.

The upgrade was spurred by improving ridership as well as increased financial flexibility, said S&P credit analyst Joseph Pezzimenti.

The Bond Buyer's Keeley Webster talks ratings, fare integration and potential solutions to the Bay Area Regional Transit's current challenges with Bryant Jenkins, a managing principal with Sperry Capital. (34 minutes)

Fitch Ratings replaced its negative watch with the negative outlook, citing the lack of clarity around contractor claims of cost overruns.

Bond Buyer Senior Reporter Caitlin Devitt joins Bond Buyer Executive Editor Kyle Glazier to discuss the looming government shutdown and the progress of the historic bipartisan infrastructure law two years after its passage. (16 minutes)

A referendum for up to $350 million of general obligation bonds for a terminal project will appear on the Nov. 7 ballot.

Ahead of The Bond Buyer's Infrastructure Conference in Chicago this week, Carlos Braceras, Utah's transportation secretary, talks with Caitlin Devitt about overseeing the largest transportation program in the state's history. He discusses the projects and challenges that go along with creating safe and efficient transportation infrastructure for the fastest-growing state in the union. (33 minutes).

The Des Moines Airport Authority wants to take advantage of Polk County's triple-A ratings to lower borrowing costs for a terminal project.