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Rail News: Passenger Rail

Fitch rates Cleveland RTA bonds A+; New York port authority sells bonds


Fitch Ratings has graded the Greater Cleveland Regional Transit Authority's (GCRTA) Ohio bonds A+ with an outlook rating of "stable."

Fitch credited GCRTA with "swift implementation of corrective action to offset any continued economic weakness and continued careful monitoring of sales tax and ridership trends," according to GCRTA’s prepared statement.

Management also was recognized for taking steps to "ensure financial integrity" during the recent economic downturn, GCRTA officials said.

Meanwhile, the Port Authority of New York & New Jersey has announced the competitive sale of consolidated bonds, 166th Series, in the aggregate principal amount of $300 million.

The bonds were awarded to J.P. Morgan Securities L.L.C. and include bonds due July 15, 2030, to Jan. 15, 2041, at annual interest rates from 5.00 to 5.25 percent.


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More News from 1/31/2011