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

Publication: Business Wire
Publication Date: 27-JUL-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
SAN FRANCISCO -- Fitch assigns an 'A' rating to the approximately $88.6 million Alaska Railroad Corporation (ARRC, or the corporation) capital grant receipts bonds, series 2007 (FTA Section 5307 Urbanized Area Formula Funds and Section 5309 Fixed Guideway Modernization Formula Funds). Fitch also affirms its 'A' rating on approximately $76.4 million in outstanding ARRC capital grant receipts bonds. The Rating Outlook is Stable.

The series 2007 bonds, which are expected to sell through negotiation by a Citi-led syndicate on or about Aug. 14, will pay interest each Feb. 1 and Aug. 1, and will mature each Aug 1, 2009-2021. Bond proceeds will be used to finance a portion of the ARRC's 2007-2011 capital program eligible for Federal Transit Administration (FTA) funding, pay costs associated with a surety policy to satisfy the debt service reserve fund...

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