10.10.08
GOP’s toll roads get negative rating outlook
This is a huge surprise. Not! Via Ben Wear at ShortCuts, Fitch has “negative outlook” on Austin toll bonds.
The rating agency’s outlook on bonds sold by TxDOT for the roads — Texas 130, Texas 45 North and the Loop 1 extension — is “negative,” according to a release from Fitch earlier this week. The problem is that the traffic on the three roads, while it started fast, shows signs of falling short of longer-term growth projections.
“The Negative Rating Outlook reflects the strong possibility for traffic growth to be significantly less than originally forecasted … ,” the release said.
Of course, we know, the traffic that the consultants predict is just a pie-in-the-sky scam to get the toll roads built. We also know that when the bonds can’t be repaid those same consultants will be more than will to run a new Traffic & Revenue (T&R) study to sell the toll road to a corporation that will charge much higher tolls in order to make a profit. Thanks Mike Krusee and the Texas GOP. I would have been much cheaper just to raise the gas tax a few pennies.
As EOW posted earlier in the week voters have to ask in a few week, Who will lead Texas?