April 26, 2017

Interstate 69 Bond Ratings Downgraded, Again

Associated Press
Construction delays on the Interstate 69 expansion spurred previous downgrades of the bonds. - file photo

Construction delays on the Interstate 69 expansion spurred previous downgrades of the bonds.

file photo

BLOOMINGTON, Ind. (AP) — Financial concerns about a private company building the Interstate 69 segment from Bloomington to Martinsville have prompted a credit ratings agency to once again downgrade bonds issued for the project.

The Indiana Finance Authority sold $244 million worth of tax-exempt private activity bonds in 2014 on behalf of I-69 Development Partners, the 21-mile section's private developer.

But The Herald-Times reports that Fitch Ratings recently downgraded the bonds' rating from "B'' to "B-."

Construction delays spurred Fitch's previous downgrades of the bonds.

The most recent downgrade was driven by concerns over whether the company that I-69 Development Partners hired to design and build the segment will be able to meet its financial obligations.

Subcontractors have repeatedly halted work due to payment disputes with that company, Isolux Corsan LLC.

Tags:MartinsvilleBloomingtonInterstate 69Indiana Finance Authority
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