Bond credit rating company Standard & Poor’s (S & P) recently upgraded the Massachusetts Department of Transportation’s (MassDOT) Metropolitan Highway System’s Senior Revenue Bonds from A+ to AA-. The bonds total value was upgraded to $408.5 million.
The upgrade reflects S & P’s expectation that financial metrics will be maintained at levels consistent with an overall strong financial risk profile. The company praised MassDOT’s strong governance and management. It cited the agency’s capital investment requirements, evaluation of and mitigation of material risks, and a history of maintaining financial controls.
“We’re proud that the financial discipline and hard work of the MassDOT team have led to this bond upgrade from S & P,” Monica Tibbits-Nutt, MassDOT secretary, said. “The improved rating is a meaningful recognition of our stewardship of the Metropolitan Highway System — and it underscores our deep commitment to sound, transparent financial management.”
“We are pleased S & P believes in our ability to sustain the current liquidity profile while we continue to make major investments in the infrastructure for the Metropolitan Highway System assets,” David Pottier, MassDOT chief financial officer, said. “We are grateful for the review that was conducted and will continue to strive to improve financial performance, focusing on processes which lead to good governance.”