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Fitch Rates Alaska Railroad Corp. Capital Grant Receipts Bds 'A'.

Publication: Business Wire
Publication Date: 25-JUL-06
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch assigns an 'A' rating to the approximately $80.5 million Alaska Railroad Corporation (ARRC, or the corporation) capital grant receipts bonds, series 2006 (FTA Section 5307 Urbanized Area Formula Funds and Section 5309 Fixed Guideway Modernization Formula Funds). The bonds, which are expected to sell through negotiation by a Citigroup-led syndicate on or about August 9, will pay interest each Feb 1 and Aug 1, and will mature each Aug 1, 2008-2021. Bond proceeds will be used to finance a portion of the ARRC's 2006-2010 capital program eligible for Federal Transit Administration (FTA) funding, pay costs associated with a surety policy to satisfy the debt service reserve fund requirement, provide capitalized interest through Feb 1, 2008 and pay costs of issuance. The Outlook is Stable.

The bonds are ARRC's...

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