This Month

SANDAG newsletter
provides information
on key projects & services

California Transportation Commission holds hearing
at SANDAG

511 celebrates its first year
in operation
Alcohol-related fatalities decline, but DUIs remain concern

Local companies can glitter
with Diamond Awards
Free workshop aims to
increase workplace flexibility

Work begins on
SR 52 extension
SANDAG receives
upgraded bond ratings

January Board Actions available online

SANDAG receives upgraded
bond ratings

Standard & Poor’s (S&P) assigned SANDAG an AAA credit rating on February 1, 2008, positioning it to sell $600 million in bonds at historically low interest rates to pay for transportation infrastructure projects.

S&P reported the raised rating from AA to AAA reflected SANDAG’s “exceptional credit quality.” With this AAA rating, SANDAG is equal to the highest rated municipal issuers in America.

“Today S&P recognized SANDAG’s decades of sound fiscal policies, rewarding us with these excellent credit ratings,” SANDAG Chair and City of Lemon Grove Mayor Mary Teresa Sessom said. “We are now poised to sell bonds at historically low rates and use the funds to begin major congestion-relief projects all over San Diego County.”

The bonds will be the first sold under the TransNet half-cent sales tax extension that San Diego County voters approved in 2004. The funds will be used to jump start a list of “early action projects" identified as priorities to be funded under TransNet, which is expected to generate $14 billion for public transit, highway, and local street and road improvements over its 40-year life.

Included on the list of “early action projects" are the widening of SR 76, the extension and widening of SR 52, the I-15 managed lanes and bus rapid transit systems, HOV lanes on I-5 along the North Coast, the Mid-Coast and Super Loop trolley projects, and several others.

In a statement released on February 1, S&P stated that the San Diego economy remains strong in spite of the current weakening real estate market, and sales tax revenues to SANDAG can be expected to continue to grow with only minor and temporary declines.

“Important economic fundamentals…remain intact, such as a favorable job market and solid population trends,” S&P stated. “Even if sales tax revenues decline in the coming years due to a weakened economy, coverage levels are expected to remain strong, as revenues would have to fall 85% before they were insufficient to cover debt.”

Project Manager:
Colleen Windsor, Communications Director
Phone: (619) 699-1960, E-mail: cwi@sandag.org