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The Delaware Department of Transportation (DelDOT) announces that Moody’s Investors Service, Inc. has assigned an Aaa rating to the Delaware Transportation Authority, their highest rating, and S&P Global Ratings assigned its second highest rating of AA+ long-term rating to the department’s $150.5 million series 2024 transportation system senior revenue bond sale that will be issued on Tuesday, November 19, 2024. To view the Notice Summary of Sale, click here.
These rating services’ reports are important metrics for investors and having these top ratings ultimately means Delaware pays less interest on money borrowed to fund projects throughout the state.
Secretary of Transportation Nicole Majeski commented, “The work done by the DelDOT finance team led by Lanie Clymer ensures that the department’s financial management remains strong and these ratings affirm that we are responsibly managing our transportation system and its needs. Infrastructure work is expensive and these ratings help us maximize the dollars available to us to deliver our work.”
The series 2024 bond proceeds will be used to fund various capital projects for DelDOT’s capital program in fiscal years 2025 and 2026.
Moody’s Investors Service and Standard & Poor’s provide independent rating opinions on the credit worthiness of public agencies and private organizations. These ratings are established to provide investors with information prior to the purchase of bonds from these public and private entities. The Delaware Transportation Authority (DTA) is the legal and financial authority under which the Department of Transportation issues its debt.