Transportation industry

SAN FRANCISCO — At its inception the South Bay Expressway toll road was promoted as a model public-private partnership. It took ages to build, then quickly plunged into bankruptcy.

BRADENTON, Fla. — Two Virginia issuers that plan to price a combined $806 million of double-A rated tax-exempt bonds early next week should find plenty of investors to snap up the high-grade paper, according to market participants.

The U.S. Department of Transportation on Monday approved a multi-year, full-funding grant agreement to build the $1.2 billion SunRail project in central Florida.

DALLAS — Fitch Ratings has lowered the outlook on Colorado Springs Airport debt from stable to negative while affirming its A-minus rating.

A majority of the nation’s mayors want the new highway bill coming from Congress to emphasize streets and bridges over highways and to provide financing tools such as Build America Bonds, TIFIA loans or a national infrastructure bank.

The federal government last week officially agreed to cover half the nearly $1 billion cost for the 11-mile Central Corridor light-rail line that will connect the downtowns of Minneapolis and St. Paul.

The New Jersey Transportation Trust Fund Authority Wednesday will issue $600 million of state appropriation-backed debt after Moody’s Investors Service downgraded such bonds last week to A1 from Aa3.

Utah Lawmakers will return to Salt Lake City this week to consider overriding Gov. Gary Herbert’s veto of a plan to earmark a large portion of new sales-tax revenue to state road projects.

The New Jersey Turnpike Authority will continue to collect its own tolls rather than outsource manual toll collection services to a private company.

SAN FRANCISCO — The restructuring of $2 billion of San Joaquin Hills toll-road debt appears to have bondholders on board since the alternative is a likely default.

BRADENTON, Fla. — After nearly two decades of planning, a major runway extension project at Fort Lauderdale-Hollywood International Airport in South Florida is finally nearing takeoff.

DALLAS — Tolls on twin state bridges across the Mississippi River in New Orleans should be allowed to expire next year with the final payment on the bonds that financed the spans, an advocacy group argues.

DALLAS — Denver continues to cut costs associated with its $500 million South Terminal airport redevelopment project that will be financed with bonds.

The Department of Transportation is expected to launch TIGER III during the next few weeks, ultimately awarding grants for capital projects from $528 million that was provided for the program in the recently enacted fiscal 2011 budget compromise.

The Louisiana Good Roads and Transportation Association has called for an increase in the state tax on gasoline to fund the construction of more roads.

Brandon Beach of Alpharetta has been named chairman of the Georgia Transportation Board’s public-private partnership committee, which oversees P3 projects for the state.

A legislative plan to merge the Tampa-Hillsborough Expressway Authority, the Orlando-Orange County Expressway Authority and the Mid-Bay Bridge Authority with the Florida Turnpike Enterprise has failed to gain headway.

CHICAGO — Warning of the threat posed to its long-term fiscal stability, the Regional Transportation Authority of Illinois is leading a charge against state legislation that would aid retailers and other businesses seeking to avoid paying some local sales taxes by setting up shell offices elsewhere.

CHICAGO — Two weeks after it hit Cleveland with a credit downgrade, Fitch Ratings has cut the rating on $835 million of bonds issued for Cleveland Hopkins International Airport to A-minus from A.

Moody’s Investors Service has affirmed its A2 first-lien and A3 second-lien ratings assigned to Midway Airport’s $1.4 billion of outstanding bonds in conjunction with Chicago’s replacement of a swap agreement on a portion of Midway’s debt portfolio.